Adani's terminated FPO is the first to be withdrawn after subscription
The Adani FPO was slated to be the first 'mega FPO' of the Indian market, and is now the first mega FPO to be 'called off'.
The Adani FPO was slated to be the first 'mega FPO' of the Indian market, and is now the first mega FPO to be 'called off'.
The Adani Group company says it aims to protect the interest of its investing community by returning the FPO proceeds.
Since the launch of FPO, total market cap of Adani Group has fallen 38.26% or by ₹7.35 lakh crore, from ₹19.21 lakh crore to ₹11.86 lakh crore.
Adani FPO sails through on the back of strong demand from institutional investors and ultra high networth individuals.
The major investment comes amid allegations by U.S.-based short seller Hindenburg against the Adani group; FPO, which has received a tepid response so far, was subscribed just 3% by Monday.
The total purchase value of equity, purchased over the last many years, under all the Adani group companies is ₹30,127 crore, says LIC.
Adani Enterprises' secondary share sale opened for subscription on January 27 and will end on January 31.
Loss in market cap of Adani Group is 19 times the planned ₹20,000 crore FPO, the largest ever in Indian capital markets
The proxy advisory firm says the timing of the report on the eve of the Adani Enterprises FPO was meant to scare investors.
Adani Group says there are more than 27 statutory audit firms which audit the various entities within Adani Enterprises.