Adani Enterprises called off its $2.5 billion share sale Wednesday, citing market conditions, amid an ongoing rout in the Adani Group's stocks sparked by Hindenburg's critical report.
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.
Without my phone, I wasn't thinking about capturing some beautiful textiles for my ‘inspiration gallery’. I was fully present, taking in the colours and patterns on display.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
This is the first major attack on central security forces since last November, when a CRPF jawan was killed and four were injured in an ambush in Jiribam on Manipur-Assam border.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
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