Shares of Adani Enterprises (AEL) fell as much as 4.7 percent on Thursday after the company set the price band for its follow-on public offering (FPO) between 9 percent and 13 percent lower. The stock recovered slightly to finish at 3,462, down 3.7 percent over its previous day's close.
AEL has set the price band for its ₹20,000-crore FPO at ₹3,112-Rs 3,276 per share. Retail investors -those applying for shares worth less than 2 lakh are getting an additional discount of ₹64 per share.
Selling pressure during any kind of follow-on share sale is not uncommon as arbitrage traders look to sell already listed shares in the secondary market and seek to subscribe to discounted shares. However, this strategy may not play out as successfully during Adani's FPO, which will remain open between January 27 and January 31.
Diese Geschichte stammt aus der January 20, 2023-Ausgabe von Business Standard.
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