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NEW DELHI: Adani Enterprises Ltd’ $2.45 billion secondary share offering was subscribed 1.5 times by anchor investors, with bids from high profile names such as Abu Dhabi Investment Authority (ADIA), a source told Reuters on Wednesday.

Anchor investors bid for shares worth 90 billion rupees ($1.10 billion) in India’s largest follow-on public offering (FPO), compared to the 60 billion rupees allocated to them, the source said.

Adani did not immediately respond to Reuters’ request for comment.

Maybank Asia, Citigroup Inc, Morgan Stanley and domestic insurer Life Insurance Corporation of India were among the bidders for the share sale, the source said.

ADIA, Maybank Asia, Citigroup, Morgan Stanley and LIC did not immediately respond to Reuters’ request for comment.

UAE conglomerate International Holding Company was considering bidding in the share sale, the company’s spokesman said.

Adani stocks sink Indian shares by over 1%

Adani Enterprises, last week, set the floor price for the FPO at 3,112 rupees per share, with a price cap of 3,276 rupees apiece.

While bidding for anchor investors began on Wednesday, bidding for retail investors will start on Friday, with the offer closing for both sets of investors on Jan. 31.

The demand from anchor investors comes as a Hindenburg Research, a well known U.S. short-seller, said on Wednesday it held short positions in Adani Group, accusing the conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.

Shares of Adani Group companies closed between 1.5% and 8.9% lower on Wednesday.

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