Twitter: @the_news_21
Adani Enterprises on Wednesday said it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors.
The announcement comes a day after the company’s FPO was subscribed fully on the last day of the offer on Tuesday.
“The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the company said in a statement.
As many as 4.62 crore shares were sought as against an offer of 4.55 crore.
Non-institutional investors put in bids for over three times the 96.16 lakh shares reserved for them, while the 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed, according to BSE data.
There was, however, a muted response from retail investors and company employees.
Retail investors, for whom roughly half of the issue was reserved, bid for just 11 per cent of the 2.29 crore shares earmarked for them. Employees sought 52 per cent of the 1.6 lakh shares reserved for them.
Adani Enterprises, the flagship company of the Adani Group, had a lacklustre start to its FPO, with only a 1 per cent subscription on the first day of the share sale. The offer was opened for public subscription from January 27-31.
“Today the market has been unprecedented, and the company’s 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 will not be morally 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,” Gautam Adani, Chairman, Adani Enterprises, said.
The company said it is working with book running lead managers to refund the proceeds received in its escrow accounts and also working towards releasing the amounts blocked in investors’ bank accounts for subscription to this issue.
Adani also said the company’s balance sheet is very healthy with strong cash flow and secure assets, and has an “impeccable track record” of servicing its debt.
“This decision will not have any impact on our existing operations and future plans. We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilises, we will review our capital market strategy,” the statement said.
Meanwhile, shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
The decline is about 38 per cent compared to the market valuation at the end of trading on January 24, the day the report was released.
Moreover, Adani Enterprises nosedived 28.45 per cent to settle at Rs 2,128.70 on the exchange.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It called the Hindenburg report baseless and has threatened to sue the short seller.
where to get clomid buy clomiphene without dr prescription can you get generic clomiphene prices clomid without dr prescription clomid usa clomiphene without insurance clomid buy
I’ll certainly bring back to review more.
This is the stripe of content I get high on reading.
zithromax 500mg price – purchase tinidazole sale order flagyl 400mg online cheap
semaglutide cheap – order periactin 4mg generic order cyproheptadine 4mg pills
motilium oral – buy flexeril 15mg online cyclobenzaprine 15mg without prescription
inderal buy online – buy generic methotrexate online cheap methotrexate 5mg
buy augmentin 375mg pill – atbio info buy ampicillin antibiotic
order warfarin 2mg – https://coumamide.com/ buy cozaar 50mg generic
mobic 7.5mg without prescription – swelling buy mobic 15mg generic
oral deltasone 20mg – arthritis order deltasone 5mg sale
best ed pills online – medication for ed dysfunction cheapest ed pills online
buy amoxicillin – https://combamoxi.com/ buy amoxil sale
buy diflucan 200mg pill – on this site fluconazole 100mg cheap
cialis without prescription – ciltad generic cialis tadalafil 10 mg
does cialis make you harder – this buy tadalafil reddit
order zantac 150mg without prescription – https://aranitidine.com/ buy ranitidine 150mg pills
where can i buy viagra from – buy viagra without rx sildenafil citrate 50mg cost
This is the kind of serenity I get high on reading. que es el lasix
Thanks recompense sharing. It’s top quality. how long does prednisone take to work for ulcerative colitis
With thanks. Loads of expertise! https://ursxdol.com/cialis-tadalafil-20/
This is the description of content I take advantage of reading. https://ondactone.com/spironolactone/
The thoroughness in this piece is noteworthy.
https://proisotrepl.com/product/domperidone/
This is a question which is in to my fundamentals… Diverse thanks! Unerringly where can I find the connection details for questions? http://www.orlandogamers.org/forum/member.php?action=profile&uid=29102
order dapagliflozin – https://janozin.com/# order forxiga 10 mg
buy orlistat online cheap – https://asacostat.com/ orlistat buy online
I couldn’t turn down commenting. Well written! http://bbs.51pinzhi.cn/home.php?mod=space&uid=7113275
You can keep yourself and your dearest nearby being wary when buying prescription online. Some pharmacopoeia websites function legally and sell convenience, privacy, bring in savings and safeguards over the extent of purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/elavil.html elavil
More posts like this would create the online time more useful. TerbinaPharmacy
Với giao diện mượt mà và ưu đãi hấp dẫn, MM88 là lựa chọn lý tưởng cho các tín đồ giải trí trực tuyến.
Với giao diện mượt mà và ưu đãi hấp dẫn, MM88 là lựa chọn lý tưởng cho các tín đồ giải trí trực tuyến.
iwin – nền tảng game bài đổi thưởng uy tín, nơi bạn có thể thử vận may và tận hưởng nhiều tựa game hấp
mgm betting app https://betmgm-play.com/ betmgm va
Feel the energy of live streams and interactive sessions. In crown coins casino, community events foster fun competitions. Register for your share of the prizes!
Nothing compares to the thrill of watching symbols tumble in Sweet Bonanza! Scatters sweet bonanza 1000 strategy unlock a world of multiplier mayhem and huge win chains. Start your sweet adventure right now!
Power up your play with authentic Wild West vibes. free buffalo slots brings non-stop thrills via wild herds, multiplier frenzy, and colossal payouts. Your turn to shine!
Join Chumba Casino today and claim your free Sweeps Coins welcome bonus — chumba casino redeem cash! Spin the reels on top slots and enjoy real prize potential every single day. Fun starts instantly — play now!
Join stake wheel today and experience the ultimate crypto casino vibe. Instant deposits, massive withdrawals, and provably fair games — everything a real player deserves. The original crypto gambling legend is waiting for you. Jump in now!
Step into kings maxxwins Casino for unbeatable offers. New players: $5 play unlocks 500 spins on hot games + up to $1K lossback protection. Play real money, chase real wins!
Tisice spokojenych zakazniku setri az 80 %. A vy?
opravdovalekarna.cz
Join the millions winning momentous on fanduel promo code – the #1 legitimate pelf casino app in America.
Respite c start your $1000 OPERATE IT AGAIN hand-out and deny b decrease every twirl, hand and rotate into real banknotes rewards.
Permanent =’pretty damned quick’ payouts, huge jackpots, and continuous fight – download FanDuel Casino in these times and start playing like a pro today!