Gautam Adani | Adani calls off its FPO, Money will be returned to Investors

Gautam Adani | Adani calls off its FPO, End of Adani Era

Adani FPO News:

After slipping to 15th position and huge loss in his networth, Adani cancelled it's FPO today.

In Tuesday's afternoon trade, shares of the Adani Group were mixed, with Adani Enterprises, Adani Transmission, and Adani Ports trading higher while other Group shares continued to fall, prolonging their three-day sell-off. Following the January 24 analysis by American-based Hindenburg Research, which raised worries about excessive debt levels and the usage of tax havens, the shares have fallen. Adani has referred to the report as unfounded. Adani's 20,000 crore follow-on public offer (FPO), which will close on January 31st, is being sold at a premium price range of 3,112 and 3,276 per FPO equity share.

FPO Call Off Statment by Adani

Gautam Adani, Chairman of Adani Enterprises Ltd, announced the cancellation of the FPO by saying, "The Board takes this opportunity to thank all the investors for your support and dedication to our FPO. Yesterday, the subscription for the FPO was successfully closed.

"Your trust and belief in the Company, its operations, and its management has been incredibly reassuring and humbling, notwithstanding the volatility in the stock over the past week. I'm grateful.

"However, today's market has been exceptionally volatile, and our stock price has changed throughout the day. The board of the Company determined that moving forward with the matter would not be morally right given these unique circumstances. Investors' interests are of utmost importance, hence the Board has taken measures to protect them from any potential financial losses.

The fully subscribed follow-on public offer has been cancelled by Adani Enterprises Ltd. (AEL) (FPO). The Company returns the FPO money and cancels the completed transaction in an effort to safeguard the interests of its investment community in light of the exceptional scenario and the present market volatility.

Adani Enterprises dropped by about 26 percent, closing at Rs 2,180.20 per share on the BSE, in response to news that Credit Suisse no longer recognises bonds issued by Adani companies as collateral for margin loans. A different group stock, Adani Ports, also saw a 20% price decrease and finished at $492.15 per share. The group's extra decrease was attributed to Ambuja Cements' 16.56 percent reduction to close at Rs 334.60 and ACC's 5.96 percent drop to close at Rs 1,852.

Adani Slipped to 15th Now

1st February, 2023

Adani slipped to the 15th position as of today, February 1, 2023. There were huge blows to Adani's net worth. The Adani shares are bleeding, and there is no indication of further healing. There is a negative impact on Adani groups after the Hindenburg report. In the international market, no one is interested in Adani's shares. People are pulling their money from it. A person who was at number 3 is now at number 15 with a total loss of 77 billion dollars.