Adani Enterprises Ltd To Sell 70 Lakh (7 million) Shares Via Auction-CNBC-TV18

CNBC-TV18 reported that Adani Enterprises Ltd said Adani Agro Private Ltd, one of the promoter group companies, will sell 70 lakh (7 million) shares of the Company through bidding route on February 06, 2013. It added that the Company will announce the floor price for auction, which is popularly known as offer for sale route, tomorrow after trading hours of the stock exchanges. The shares, that are offered for bidding, amount to 0.64% of company's total equity shares as on December 31, 2012. The Company would fetch around INR172 crore (INR1.72 billion) at February 04, 2013 closing price of INR245.95 apiece on the BSE, if the issue is fully subscribed. Currently, Adani Agro Pvt Ltd holds 8.96% stake in Adani Enterprises.