The promoters of Adani Enterprises have set a floor price of Rs. 282 per share, which is higher than the market price, for a share sale.

The higher floor price has resulted in an increase in the share value by 4 per cent in early trade today. The shares of the company had fallen 7.1 per cent to Rs. 271 on Thursday as the company planned to sell 23 million shares on Friday.

As part of the share sale, the promotors will transfer the ownership of 2.3 crore shares making about 2 per cent of the stake in the company and raise around Rs 650 crore. The share sale is expected to take place on a separate window of the stock exchanges. The sale opened on 0915 hrs and close on the same day at 1530 hrs.

"The sellers (promoters) have submitted a notice to sell 2.3 crore equity shares of the face value of Re one only each held by them in the company through the stock exchange mechanism," the company said in a filing with the stock exchange.