Gautam Adani has yet again made a remarkable move that proves his regard toward his investors. Adani has been thrashed with numerous allegations recently. He was mentioned in the Hindenburg report where various accusations caused a terrible fall in his company’s shares.
Adani Withdraws FPO
Today, Adani has finally given a relieving statement to the investors. He said that he will withdraw Rs 20,000 crore from Adani Enterprises FPO considering the disturbing fluctuation in the company’s share. This is primarily done to save investors from incurable losses.
He said “After a fully subscribed FPO, my decision to withdraw would have surprised many. However, considering the volatility of the market our bond strongly felt that ‘it would not be morally correct to proceed with the FPO‘
Adani further praised his supporters who supported him during his four decades of the entrepreneurial journey. The support and faith of stakeholders and the investor community have made me achieve whatever I have. Adani said that the interest of his investors is paramount and everything else is secondary.
https://twitter.com/gopalgiri_uk/status/1620995407714328576?s=20&t=5VTYsE00r2zARAEzdIMwGQ
Loss Suffered By Adani Enterprises
Adani has faced a massive loss yesterday as shares of Adani Enterprises have fallen by 28.45%. The share price last dropped to Rs 2,128.70. The shares of his top listed companies have fallen by Rs 7.5 lakh making a loss of around 33%. The decision made by the Billionaire will favor investors and save them from losses. Adani has said to review the capital after the market stabilizes.
Adani Enterprises FPO was closed on Tuesday after it was oversubscribed by 112%. The non-institutional category was over-subscribed 3.32 times while that of qualified institutional buyers (QIB) was also oversubscribed by 126%.
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