The secondary share sale of Adani Enterprises was fully subscribed before markets closed on Tuesday — the last day of sale, bringing it ‘interim’ relief in controversy related to staggering short-seller allegations.

What Happened?: Adani Enterprises Ltd started a record ₹20,000 crore secondary share sale for retail investors on Jan. 27, amid a heavy selloff in Adani Group companies that ensued following the release of a scathing report by U.S.-based short-seller Hindenburg Research.

Non-institutional investors quota was booked 3.26 times, while qualified institutions booked 0.97x of their quota. The retail investors stayed behind, booking just 0.11 times their quota as the overall FPO was subscribed at 1.02x level, just before the markets were set to close for the day.

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Adani Enterprises aims to use the share sale proceeds for capital expenditure and to pay debt. The anchor portion of the sale — forming 30% of the subscription — saw participation from investors including the Abu Dhabi Investment Authority.

The issue was only 3% subscribed by the time trading closed on Monday which led a lot of investors to believe that the sale may not go through despite Adani Group’s repeated stance over the past few days that investors were on its side.

The firm set a floor price of ₹3,112 a share and a cap of ₹3,276. However, on Tuesday the stock continues to be priced as low as ₹2,975, well below the lower end of the price offer, despite a 3.35% upside.

Price Action: Here’s how Adani Group stocks traded toward the end of trading on Tuesday.

Adani Enterprises shares traded 3.35% higher at ₹2,975

Adani Green Energy shares were also up 3.06% to ₹1,224.05.

Adani Ports & SEZ is up 2.67% to trade at ₹612.80.

Adani Power shares traded 4.99% lower at ₹223.90.

Adani Total Gas shares traded 10% lower at ₹2,112.90.

Adani Wilmar shares are down 5% to ₹466.90.

Adani Transmission shares were up by close to 4% to ₹1,773.95.

Ambuja Cement shares traded 3.5% higher at ₹401. ACC shares traded 3.71% higher at ₹1,975.35.

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