Adani Enterprises will open a follow-on public sale on January 27, with a deadline of January 31. The offer price range is Rs 3,112-3,276 per share. Retail shareholders retain a 35% stake in FPO and enjoy a discount of Rs 64 per share.

Investors can bid for at least 4 shares and subsequent multiples of 4 shares. Adani Group of Companies plans to raise Rs 20,000 crore in the largest FPO in the history of Indian capital markets.

The funds will be used for green hydrogen ecosystem projects, improving certain existing airport facilities and building greenfield highways.

On January 25, the company said it had raised close to Rs 6,000 crore from anchor investors.

A total of 33 investors participated in the anchor book, including Maybank Securities, Abu Dhabi Investment Authority, Societe Generale, Goldman Sachs, Morgan Stanley Asia (Singapore), Nomura Singapore and Citigroup Global Markets Mauritius.

In other news, Adani Group Chief Financial Officer Jugeshinder Singh said in a statement that Hindenburg Research’s report on the group’s “debt levels and sky-high high valuations” was a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.

“The timing of the publication of this report clearly betrays a brazen and malicious intent to damage the reputation of the Adani Group, the main purpose of which is to undermine the upcoming follow-on public offering of Adani Enterprises,” he said.