The company of Gautam Adani is going to sell shares at a bumper discount

Gautam Adani-led Adani Group has offered India's biggest follow-on share sale to raise Rs 20,000 crore for green energy and airport expansion. The group has offered the shares at a discount of 10-15 per cent.

Adani Enterprises Limited (AEL) will sell shares in the price band of Rs 3,112 to Rs 3,276 in the follow-on public offer (FPO), which is expected to open on January 27 and close on January 31. The offer price is lower than Wednesday's closing price of Rs 3,595.35 on the BSE.

Out of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work on existing airports and construction of greenfield expressways. Another Rs 4,165 crore will be for repayment of loans taken by its airports, road and solar project subsidiaries.

The Adani Group has been rapidly expanding its business focused on ports and coal mining to include airports, data centers and cement as well as green energy. Adani Enterprises Limited (AEL) is India's largest listed business incubator. It handles a range of businesses across four major industry sectors – Energy & Utilities, Transportation & Logistics, Consumer and Primary Industries.

The company has said that it is setting up the Green Hydrogen Ecosystem with the objective of developing, building and developing an end-to-end integrated ecosystem for green hydrogen. This ecosystem includes the manufacturing of renewable energy devices. In addition AEL operates and manages seven operational airports in the cities of Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram. It has a greenfield airport in Navi Mumbai. It is also developing infrastructure projects in India.