Adani Enterprises Limited (“AEL” or the “Company”) intends to launch its further public offering (“FPO”) on Friday, January 27, 2023, totaling up to Rs 20,000 crore issued on a partially paid basis.

The FPO entails the purchase of partially paid-up equity shares of the Company with a face value of $1 each (the “FPO Equity Shares”) for cash at a price# (plus a premium) per FPO Equity Share through a new issuance (the “Offer”). The Employee Reservation Portion is a reservation of FPO equity shares totaling up to 50 crores for subscription by eligible workers, subject to a maximum subscription rate of 5% of the paid-up equity capital following the Offer.

Some of the highlights of the public offering include:

• Price Band fixed from Rs 3,112 to Rs 3,276per Equity Share of the face value of Rs 1 each
• The offer will close on Tuesday, January 31, 2023
• Bids can be made for a minimum of 4FPO Equity Shares and in multiples of 4 FPO Equity Shares thereafter
• In accordance with the recommendation of a Committee of Independent Directors of the Company, pursuant to their resolution dated January 18, 2023, the above-provided price band is justified based on quantitative factors/ KPIs disclosed in the ‘Basis for the Offer Price’ section vis-à-vis the WACA of primary issuances/ secondary transactions disclosed in ‘Basis for the Offer Price’ section on page 123 of the Red Herring Prospectus.

Adani Enterprises plans to use 10,869 crores of the FPO’s Net Proceeds to cover some of its subsidiaries’ capital expenditure needs for projects related to the green hydrogen ecosystem, renovations for a few airport facilities, and the building of a greenfield highway. Additionally, Adani Enterprises plans to use 4,165 crores to pay off some debts owed by the Company and three of its subsidiaries, Adani Airport Holding Limited, Adani Road Transport Limited, and Mundra Solar Limited, in full or in part. The remaining funds will be used for normal business needs.