Adani Group calls off its FPO | After Hindenburg’s report, Bloomberg’s report shattered the Adani Group badly, according to this report global investment firm Credit Suisse has reduced the value of lending bonds of four companies of the Adani Group to zero, earlier it used to be 75 percent.
Due to this, the Adani group has got another strong blow and the shares of Adani group companies have seen a sharp decline. The situation has become so serious that the Adani group has decided to withdraw its recently launched FPO.
Adani group says that they are taking this step keeping in mind the interest of their investors. They are returning all the money of FPO investors.
Gautam Adani said in his statement that “the board is grateful for the support of all those investors who have reposed faith in the Adani Group even in bad times. Looking at the situation, we feel that Morally it will not be wise to go ahead with the FPO. Investors’ interest is very valuable to us. That’s why Adani Group has decided to withdraw the FPO.”
Who had invested in Adani’s FPO?
Adani’s FPO i.e. Follow on Public Offer was India’s biggest issue to date. Its value was 20 thousand crores.
The FPO was oversubscribed even after Adani’s shares fell in the market as 33 foreign and domestic institutional investors including Singapore-based Maybank Securities Pte Ltd, insurance behemoth LIC, SBI Employees Pension Fund, SBI Life Insurance Co, HDFC Life Insurance Co, Abu-Dhabi-based sovereign wealth fund ADIA, Goldman Sachs Investment, and Morgan Stanley Asia had invested the money.
SEBI is examining the research of US short seller Hindenburg and also examining the route and looking into any possible irregularities in the recent share sale by its flagship company, reported Reuters.
Let us tell you that Adani Enterprises has lost $86 billion since the Hindenburg report came out. And 92 billion dollars of the Adani group has been wiped out. With this, the total assets of Adani Group collapsed by $40 billion.
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- What is short selling that erased $65 billion of Adani group in three days?
- Hindenburg reply to Adani: What has happened so far?
- Know all about Shah Dhandharia & Co, CA firm which audits Adani group
- What is Hindenburg research, and is the CIA behind it?
- Who is Nathan Anderson, person behind Adani’s Hindenburg report?
- Who is Chang Chung-Ling and, does Adani have a Chinese connection?
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