India's Adani Enterprises climbed 2% in early trade on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a U.S. short-seller's scathing attack
Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Picture taken April 2, 2014. REUTERS/Amit Dave/File Photoclimbed 2% in early trade on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a U.S. short-seller's scathing attack.
A successful completion of the share sale will show investors still believe in the group's prospects and that it can weather the unprecedented short-seller challenge and its aftermath. Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees.
The issue was subscribed 3% by Monday. The anchor portion of the issue - that accounted for 30% - closed last week with investments from investors such as Abu Dhabi Investment Authority.in the issue, but the bid has not yet been reflected in the data on Indian exchanges.Some other group stocks, including Adani Power
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