The Adani group on Saturday said it will not make any changes in the price band or dates of the Rs 20,000- crore follow-on public offering (FPO) of flagship Adani Enterprises (AEL) even as its current market price is trading below the offer price of the float.

“AEL’s FPO is going according to schedule and the announced price band. There is no change in either the schedule or the issue price,” a group spokesperson said.

On Friday, the share sale made a poor start as it was subscribed only 1 per cent. Against an offer of 4.55 crore shares, bids came in for only 4.7 lakh shares.

All Adani group stocks got a severe drubbing following the Hindenburg Research report which alleged that the conglomerate has “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades’’.

The group has denied all the allegations in the report and said that it is mischievous and baseless. Over the last two trading sessions, the collective market cap of listed Adani firms has fallen by more than Rs 4 trillion.

The price band for the AEL float has been set at Rs 3,112-3,276 per share. Its share closed at Rs 2,762.15 on the BSE on Friday, which is cheaper by more than 11 per cent to the lower end of the band. Since the share was trading below the offer price, market experts felt that AEL may have to revise downwards the pricing to make the issue a success.

At present, Sebi norms permit companies to revise the pricing of an ongoing issue. However, they can reduce it only to the extent of 10 per cent. Therefore, at the present levels, even if the price is reduced it will still be below the current market price.

“All our stakeholders, including bankers and investors, have full faith in the FPO. We are extremely confident about the success of the FPO,” the AEL spokesperson said. The FPO closes on January 31.

The company has already raised Rs 5,985 crore from anchor investors. It allotted 1.82 crore equity shares to 33 entities. Foreign investors that were allotted shares included Abu Dhabi Investment Authority, BNP Paribas Arbitrage, Societe Generale, Goldman Sachs Investment (Mauritius) Ltd, Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd and Citigroup Global Markets Mauritius.

Some of the domestic institutions that picked up shares included LIC, SBI Life, HDFC Life Insurance Company and SBI Employees Pension Fund.