Adani Enterprises's follow-on public offer (FPO) is opening for subscription on Friday and will close on Jan. 31. The ₹20,000 crore offer is the largest FPO in the history of the Indian markets and comes amid short seller allegations that have caused bloodbath at the share market for all publicly-listed companies run by Gautam Adani.

The Adani Group company has set the price band at ₹3,112 to ₹3,276 per equity share. Adani Enterprises’ shares closed at ₹3,389.85 on Wednesday after slumping around 1%. The share allocation for the offering is tentatively scheduled for Feb. 3 and the listing of shares is expected on Feb. 8.

Ahead of the FPO opening, the company had raised ₹5,985 crore through anchor investors. It allotted 1,82,68,925 shares to over 30 institutional investors including LIC, at ₹3,276, the upper end of the offered price band. Analysts at Ashika Research and Ventura Research have remained positive about the FPO and have recommended subscribing. 

The company has said that the money raised will be used for paying debts and capital expenditures. Adani Group's debt problems were again in the news after U.S.-based Hindenburg Research accused Gautam Adani of pulling the largest con in corporate history. After the report made headlines, several of its companies tanked on the share market on Wednesday. 

The company has, however categorically denied the allegation and called the report malicious. The group's legal head Jatin Jalundhwala has said in a statement that it is looking to take legal action against Hindenburg, "We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg,” he said.  Seemingly undaunted by the legal threats," the U.S. activist short seller replied to the statement stating, “If Adani is serious, it should also file suit in the U.S. where we operate. We have a long list of documents we would demand in a legal discovery.process."

Price Action: Adani Enterprises shares tanked around 6% to reach an intraday low of ₹3180 as the markets opened on Friday.