(Reuters) – The secondary share sale of billionaire Gautam Adani’s flagship Adani Enterprises was fully subscribed on Tuesday, after a rough week for the Indian group that saw a sharp sell-off in its shares following a scathing short-seller report.
Foreign institutional investors and corporates pumped in funds into the share sale, according to data, while participation by retail investors and Adani Enterprises employees remained low.
Adani has called Hindenburg Research’s report a “calculated attack”. U.S.-based Hindenburg disclosed last week that it holds short positions in Adani companies and accused the conglomerate of improper use of offshore tax havens, and also flagged concerns about its debt levels.
Below is what some of the investors who subscribed to the follow-on public offer (FPO) – either as anchor investors earlier this month or after the short-seller report – had to say about their exposure to Adani:
Comment
Investors who Investmen
subscribed to t in
Adani’s FPO millions
(USD)
Anchor investors
Maybank “There is no financial $250.33
Securities impact” on it as the
subscription to Adani’s
offer was fully funded by
client funds
Life Insurance Reviewing Adani response to $36.81
Corporation (LIC) short-seller’s allegation.
One source said LIC has no
plans currently to bid for
more.
Other investors
Abu Dhabi “Our interest in Adani $381.17
conglomerate Group is driven by our
International confidence and belief in
Holding Company the fundamentals of Adani
Enterprises Ltd; we see a
strong potential for growth
from a long-term
perspective and added value
to our shareholders.”
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel)
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