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Adani Enterprises FPO : Big news related to Adani Group is coming out. The Adani Group has decided to withdraw the Adani Enterprises’ follow-on public offer (FPO) by canceling it on Wednesday. It may be known that on January 27, 2023, Adani Enterprises had issued an FPO to raise 20 thousand crores. Which today, on February 1, 2023, the company has decided to withdraw in the meeting of its Board of Directors. Learn about the case in detail..
Adani Enterprises gave information
Adani Group has issued a press release regarding this, in which Adani Group has told that it is canceling the FPO of Adani Enterprises. Also said that the money invested in the FPO will be returned to the investors in time. Adani Enterprises in its press release has talked about withdrawing its FPO worth 20 thousand crores.
What was the reason for the withdrawal of the FPO?
Today has not been a special day for the Adani group. The Board of Adani Enterprises Limited (AIL) has withdrawn the fully subscribed Follow On Public Offer. Adani Enterprises said on 1 February 2023 that it has canceled its FPO amid the ongoing controversy following American short seller, Hindenburg Research. The company has been accused of using tax havens. Also, loan related concerns have been identified in this report.
decision taken in the meeting
The Board of Directors of the Company in its meeting held today, in the interest of its constituents, has decided not to go ahead with the FPO up to Rs.20,000 crore. The company said in its exchange filing that Rs 1, which was fully subscribed, was priced on a partially paid-up basis. Now it is being stopped here.
Share fell 28 percent today
The reason behind this is being attributed to the report of American short selling company Hindenburg Research. After the arrival of this report, the stock of listed companies of Adani Group has started declining rapidly. The stock of Adani Enterprises has registered a decline of more than 28 percent in a single day on Wednesday, February 1.
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