Adani Enterprises Ltd’s ₹20,000 crore follow-on public offer managed to attract investors on the last day of stock close on Tuesday. , Photo Credit: AP
Billionaire Gautam Adani has said to take a decision Withdraw fully subscribed share sale of the flagship firm of your group was primarily due to market volatility.
Adani group company shares have lost over $90 billion in value since a US short seller made serious allegations.
Adani Enterprises Ltd’s ₹20,000 crore follow-on public offer managed to attract investors on the last day of stock close on Tuesday. Late on Wednesday, the company decided to withdraw the FPO and return the money to the investors.
Read also: How much has the Adani group suffered since the Hindenburg Report?
“After a fully subscribed FPO, the decision to withdraw it yesterday must have surprised many. But given the volatility seen in the market yesterday, the Board strongly felt that it was ethical to go ahead with the FPO. won’t be right,” Mr Adani said. An address to investors on Thursday.
The decision will have no impact on current operations and future plans, he added. “We will continue to focus on timely execution and delivery of projects.”
The fundamentals of the company are strong, Mr. Adani insisted.
“Our balance sheet is healthy and assets strong. Our EBITDA levels and cash flows have been very strong and we have an impeccable track record of servicing our debt obligations. We will continue to focus on long-term value creation and managed by growth Will be done. Internal accrual.”
Mr. Adani said that the group will review the capital market strategy once the market stabilizes.
“We have a strong focus on ESG and each of our businesses will continue to create value in a responsible manner. The strongest validation of our governance principles comes from the many international partnerships we have forged across our various entities,” he added.