Adani enterprises has decided to not proceed with the FPO of shares worth Rs 20,000 Crore.
Board of Directors of the Company at its meeting held today decided in the interest of its subscribers, not to proceed with the FPO of equity shares aggregating up to Rs 20,000 Cr of face value Rs 1 each on partly paid-up basis, which was fully subscribed.
Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
Gautam Adani's statement on calling off FPO
The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday.
Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling. Thank you.
However, today the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue will not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO.
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