The share sale is critical for Adani because its success will be seen as a mark of investor confidence as he faces one of his biggest business and reputational challenges.
The secondary share sale of Adani Enterprises needs at least 90% subscription to go through. It is currently at 85% including the anchor investor portion, Indian stock exchange data showed.
Commenting on Adani Group's response Sunday to its report, Hindenburg said the conglomerate was holding back India, a vibrant democracy & emerging superpower, through a 'systematic loot.
The conglomerate stated it made the necessary regulatory disclosures & said the Hindenburg report intended to enable the US-based short seller to book gains, without citing evidence.
Adani's response comes amid a $2.5 billion share sale by its flagship company, which has been overshadowed by the report that flagged concerns about the conglomerate's high debt levels.
Hindenburg Research report on Gautam Adani's business empire sparked a $51 billion sell-off in shares of his group companies, pushing him 4 places down on the world billionaire index.
Shares of the listed Adani firms that plummeted include Adani Transmission, Adani Total Gas & Adani Green Energy sinking 20% each while Adani Ports and Special Economic Zone fell 16.3%.
India’s defence sector is trying to penetrate the African market. But with China already extending significant influence, India must now play catch-up.
Discussion about outcome of Lok Sabha polls continues to boil in cauldron of expectations only from BJP. Now reverse this equation, what if we asked about the performance of the 'loser'?
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