Adani Agro sells 70 lakh shares in Adani Ent for Rs 175 cr

Adani Enterprises share sale was over-subscribed today, with a promoter group entity Adani Agro selling 70 lakh shares for around Rs 175 crore through offer for sale route.

According to data available with BSE, where the share sale was conducted on a separate window, the offer got 78,61,463 lakh bids till 15.30 hrs at an indicative price of Rs 250.79 a share against the floor price of Rs 248.

"The clearing price up to which the bids have been considered for allocation is Rs 249 per share. The bids at or above the clearing price of Rs 249 have been considered for allocation," the company said in a note.

Meanwhile, shares of Adani Enterprises today settled at Rs 247.10 apiece, up 1.81 per cent from its previous closing in BSE.

Post share sale, Adani Agro's stake will come down to 8.32 per cent from 8.96 per cent.

Promoters of Adani Enterprises hold 77.87 per cent in the company, as on December-end.

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