Shares of Adani Enterprises nosedive 27 per cent on Wednesday
Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times.
Adani Enterprises on Friday said it has incorporated a wholly-owned arm NPRPL to develop a highway project under the Bharatmala program in Madhya Pradesh.
The wholly-owned subsidiary Nanasa Pidgaon Road Private Ltd (NPRPL) will develop and manage the project under hybrid annuity mode (HAM).
“The Company has incorporated a wholly owned subsidiary company namely, ‘NPRPL’ on 8th May, 2020,” the company said in a filing to the BSE.
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It said the subsidiary will carry out the development, maintenance and management of the project -four-laning of Nanasa to Pidgaon section of NH-47 (Old NH-59A) (Indore-Harda, Pkg-III) under Bharatmala Pariyojana Phase-I (Economic Corridor) in Madhya Pradesh.
The cost of the acquisition or the price at which the shares are acquired is “Rs 1,00,000/- (10,000 Equity Shares of Rs. 10/- each),” it said.
The arm is yet to commence business operations, it added.
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