The follow-on public offering (FPO) is critical for Adani, not just because it will help cut the group's debt, but because its success will be seen as a mark of investor confidence as he faces one of his biggest business and reputational challenges of recent times.

COMMENTARY

LEONARD LAW, SENIOR CREDIT ANALYST, LUCROR ANALYTICS, SINGAPORE

"Investors would view the successful completion of the FPO as a welcome relief as it implies that the company still has the support of institutional investors. The FPO would help to enlarge Adani Enterprises' public float (thereby partly addressing the issue over the promoters' concentrated shareholding), as well as reduce leverage for the company and improve investor sentiment for the wider group.

"That said, it would be helpful to know the identities of the subscribers, given concerns over investments by offshore shell companies."

RUCHIT JAIN, LEAD RESEARCH ANALYST AT 5PAISA.COM

"It seems good that the fear which was overdone is finally settled.. This should bring confidence back in the Adani group stocks and broader markets too."

(Reporting by Anshuman Daga in Singapore and Ankika Biswas)