Adani Group has withdrawn the follow-on public offer (FPO) of Rs 20,000 crore on the evening of February 1, hours after the fall in shares related to Adani Group in the stock market . The company also said that the money will be returned to the investors. The decision was taken after the company’s board meeting.
Adani Enterprises in its statement said, “The Board of Adani Enterprises Limited has decided not to proceed with the fully subscribed Follow-on Public Offer (FPO). In view of the unprecedented situation and the current market volatility The company’s mission is to protect the interests of its investment community.”
Adani Group Chairman Gautam Adani said, “The Board takes this opportunity to thank all investors for your support and commitment to our FPO. Subscription for the FPO closed successfully yesterday. Despite this, you have had faith in the company’s business and its management.”
However, the statement added that, “The market conditions were unprecedented and our share price has fluctuated during the day. Given these extraordinary circumstances, the company’s board felt it was ethical to proceed on this issue.” The interest of the investors is paramount and hence in order to save them from any possible financial loss, the Board has decided not to go ahead with the FPO.”
