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Adani Withdraws Rs 20,000-cr FPO, money to be returned to investors

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

Adani Enterprises, the flagship arm of Adani Group, announced the withdrawal of its Rs 20,000-crore follow-on public offer (FPO) on Wednesday, citing market volatility.

“In light of the unprecedented situation and current market volatility, the company seeks to protect the interests of its investing community by returning the FPO proceeds and withdrawing the completed transaction,” Adani Enterprises stated in a stock exchange filing. On Wednesday, the company’s stock closed 28.5% lower at Rs 2,128.70. Adani Enterprises sold shares in the Rs 3,112-Rs 3,276 price range. Adani Enterprises shares are down more than 49% from their 52-week high. In just one week, the stock has dropped by more than 37%.

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“The Board of Directors of the Company has decided, in the interest of its subscribers, at its meeting held today, i.e. February 1, 2023, not to proceed with the further public offer (FPO) of equity shares aggregating up to Rs 20,000 crore of face value Rs 1 each on partly paid-up basis, which was fully subscribed,” Adani Enterprises said in an exchange filing.

 

“The Board would like to take this opportunity to thank all of our investors for your continued support and commitment to our FPO. The FPO subscription closed successfully yesterday. Despite the stock’s recent volatility, your faith and belief in the Company, its business, and its management has been extremely reassuring and humbling. “Thank you,” Adani said in a press release.

The BSE Sensex opened slightly lower at around 59,600, while the NSE Nifty50 fell 0.29 percent to 17,564.65. As soon as the market opened, the benchmark indices began swinging, indicating high volatility. The BSE Sensex had gained more than 150 points by 9:50 a.m., while the Nifty 50 had fallen due to pressure from Adani stocks.

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