Adani Enterprises calls off, money to be returned to investors
<p>The owner of Adani Enterprises Mr Gautam Adani is in the Headlines since he was out of the list of richest people across the Asia, and today again he is in the news. Lets Know the reason behind it.The Board of Adani Enterprises Ltd,(AEL) decided not to go-ahead with the subscribed Follow-on Public Offer (FPO). Keeping in mind the current situation and the market volatility the company is now aiming to protect the interest of their investing community by returning the FPO proceeds and withdraw all the transaction. Gautam Adani, Chairman, Adani Enterprises Ltd said, “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. 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 would not be correct. The in</p>
09:24 AM Feb 02, 2023 IST
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mediology
The owner of Adani Enterprises Mr Gautam Adani is in the Headlines since he was out of the list of richest people across the Asia, and today again he is in the news. Lets Know the reason behind it.
The Board of Adani Enterprises Ltd,(AEL) decided not to go-ahead with the subscribed Follow-on Public Offer (FPO). Keeping in mind the current situation and the market volatility the company is now aiming to protect the interest of their investing community by returning the FPO proceeds and withdraw all the transaction.
Gautam Adani, Chairman, Adani Enterprises Ltd said, “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. 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 would not be 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.”
He further said that they are now working with Book Running Lead Managers (BRLMs) in order to refund the proceeds received by them in escrow Their present balance sheet is very healthy with strong cashflows and secure assets, and they have a track record of servicing their debt. This decision of them would not have any impact on their existing operations and future plans.
They would continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, they would review capital market strategy. He also made it clear that they are pretty confident are that they will continue to get support.
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