Adani sets floor price of Rs 248 for sale of 70 lakh shares

Adani sets floor price of Rs 248 for sale of 70 lakh sharesAdani Enterprises has set the floor price of Rs 248 per share for offer for sale to offload 70 lakh shares in one of its promoter group firms.

The floor price was set for sale of shares in a company held by Adani Agro, which is one of the promoter group firms through the offer for sale (OFS) route. The company said in a filing with the Bombay Stock Exchange (BSE) that the floor price has been set at Rs 248 per equity share of Adani Enterprises.

The base price is still two per cent higher than the closing price of shares on the BSE. At the base price, the promoter group could raise about Rs 173.60 crore through OFS if the issue is fully subscribed. The number of shares offered for sale constitutes 0.64 per cent of company's total equity shares as on December 31, 2012. Adani also said that the offer will be held between 9:15 am and 3:30 pm and will be held at a separate counter provided by the BSE.

"Adani Agro Private Ltd, which forms a part of the promoter group of Adani Enterprises, propose to sell equity shares of the company on February 6, 2013, through a sale on the separate window provided by BSE Ltd," the company said in a filing to the BSE.

Shares of the company fell 1.32 per cent to close at Rs 242.70 per share.