BENGALURU (Reuters) — Adani Enterprises, the flagship firm of India’s ports-to-energy conglomerate Adani Group, stated it’s going to use the proceeds of its mega $2.5 billion follow-on public providing (FPO) for capital expenditure and to repay debt at its models.

The firm, led by billionaire Gautam Adani, stated it’s going to use 108.69 billion rupees from the overall 200 billion rupees FPO, the nation’s largest ever, to fund inexperienced hydrogen tasks, airports amenities and greenfield expressways.

It will use 41.65 billion rupees to repay the borrowings of three of its models, Adani Airport Holdings, Adani Road Transport, and Mundra Solar, the corporate stated in its prospectus.

Adani Enterprises, whose shares closed at 3,596.70 rupees on Wednesday, stated the bidding for anchor buyers will start on Jan. 25 and ends on Jan. 31.

It accepted a flooring worth of three,112 rupees per share for the supply, with a worth cap of three,276 rupees for all classes of buyers and a reduction of 64 rupees for the retail section.

Bidders must pay 50% of the supply worth and the steadiness in a number of tranches determined by the board or a committee, the corporate stated in a separate assertion.

Adani Enterprises may supply a ten% low cost to giant buyers, Bloomberg News reported.

The proposed fundraise comes as Adani Group aggressively expands into sectors comparable to cement and healthcare, amid some considerations about its elevated debt ranges and enormous promoter shareholding.

The Group has made acquisitions value $13.8 billion in 2022, as per Dealogic information, its highest ever in a 12 months and greater than double the earlier 12 months.

In September, Adani stated his firm would make investments greater than $100 billion over the following decade, with 70% earmarked for the power transition house.

Adani Enterprises’ inventory surged practically 130% in 2022 however has dipped about 7% thus far this 12 months.