Adani Enterprises Withdraw FPO worth 20,000 Crores
- Posted on February 2, 2023
- By Akta Yadav
- 58 Views
Adani Enterprises:- credit:-Adani Group Adani Enterprises has cancelled the FPO of equity shares up to Rs 20,000 crore. Along with this, Adani has decided to return the money of the investors. The board of directors of the company took this decision on Tuesday. The face value of the equity shares on a partly paid-up basis is Re 1. This FPO was fully subscribed. Adani Enterprises-Adani Enterprises At the same time, after cancelling it, Adani has given his response. Adani said that I am fortunate to have received overwhelming support from all stakeholders. I must admit that whatever I have achieved in life is because of the trust of the investors. I attribute all my success to those investors. For me, the interest of my investors is paramount and everything else is secondary. Therefore, to protect investors from possible losses, we have called off the FPO. Earlier, in the information given to the stock exchange, the company said that the board of directors of the company in its meeting held on February 1, 2023, has decided to buy back these shares. The company said, "Adani Enterprises has decided in its board meeting held on February 1, that we will not go ahead with the FPO. Considering the current position of the company and recent market volatility, in the interest of customers, we will not go ahead with the FPO." It has been decided not to escalate and to completely discontinue the transaction." The Board said that we thank the investors for participating in the FPO. The membership of the FPO was closed on January 31. We thank you for your trust in our business and our management, despite the volatility in the stock, the company said. Although the market has been good today. Our stock price fluctuates throughout the day. In view of such extraordinary circumstances, the Board of the Company felt that it would not be ethical to go ahead with this FPO at this stage. The interest of our investors comes first. The company said – good record of repaying the loan The company said that in order to avoid any financial loss in future, the board has decided not to go ahead with this FPO. We are working with our Book Running Lead Managers (BRLMs) to issue refunds to people. Our balance sheet is very strong right now. Our cash flow and assets are secure. Also, we have a good debt servicing record. Adani Enterprises-Adani Enterprises The company said that our decision will not affect our current operations and our future plans. We will continue to focus on long-term value creation and our growth will be driven by internal growth. We are sure that we will continue to get your support. Shares fall after Hindenburg report Let me tell you, a report came from the American research firm Hindenburg. The report accused the Adani Group of being involved in stock manipulation, money laundering and accounting fraud. After this, there was a huge decline in the shares of Adani Group.