Shares of Adani Enterprises are the top losers on the Nifty 50 index on Thursday after the company announced a follow-on public offer worth Rs 20,000 crore on Wednesday.

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Adani Group's flagship company has filed papers with the market regulator Securities and Exchange Board of India (SEBI) for the proposed FPO.

According to the offer document, anchor investors can bid on January 25. The FPO will open for public shareholders on January 27 and close on January 31.

The offer includes a reservation of up to Rs 50 crore worth of shares for eligible employees not exceeding 5 percent of its post-offer paid-up equity share capital. The company has also proposed to give discounts to retail investors on an individual basis.

Adani Enterprises proposes to utilise the net proceeds towards funding the capital expenditure requirements of some of its subsidiaries, debt repayment, and other general corporate purposes.

Around Rs 10,869 crore of funding would be used for certain projects of the green hydrogen ecosystem, improvement works of certain existing airport facilities, and construction of a greenfield expressway.

It has proposed to use Rs 4,165 crore for the repayment of certain borrowings of the company and three of its subsidiaries— Adani Airport Holding Ltd., Adani Road Transport Ltd., and Mundra Solar Ltd.

The company has appointed 10 bankers including ICICI Securities, JM Financial Ltd., SBI Capital Markets Ltd., and Jefferies India Pvt. Ltd. for the FPO.

Shares of Adani Enterprises are trading 4.6 percent lower at Rs 3,432.65.

(Edited by : Rukmani Krishna)

First Published:Jan 18, 2023 3:55 PM IST