Adani Enterprises will not proceed with FPO, says will return money to investors

Adani Enterprises has decided to cancel its FPO (Follow-On Public Offering) and will refund Rs 20,000 crore to all investors. The decision comes after the company’s stock dropped around 30% on Wednesday.

“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 Enterprises said in a statement.

#WATCH | After a fully subscribed FPO, yday’s decision of its withdrawal would’ve surprised many. But considering volatility of market seen yday, board strongly felt that it wouldn’t be morally correct to proceed with FPO:Gautam Adani, Chairman, Adani Group

(Source: Adani Group) pic.twitter.com/wCfTSJTbbA

— ANI (@ANI) February 2, 2023

 

Gautam Adani said, “the interest of my investors is at the top”.

Gautam Adani issued a statement saying “For me the interest of my investors is at the top, so we have withdrawn the FPO to save investors from possible losses. This decision will have no impact on our current operations and future plans. We will continue to focus on timely implementation”.

He further said, “Our every business will continue to create value in a responsible manner”.

Gautam Adani said, “we will review our 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 our many international partnerships.”

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