FPO withdrawn despite being fully subscribed due to market volatility: Adani

[ad_1]

New Delhi : Trader Gautam Adani said market volatility led to the decision to call off the follow-on public offering (FPO) of his group flagship company despite being fully subscribed. Shares of Adani group companies have fallen by billions of dollars after Hindenburg Research’s report last week.

Adani Enterprises on Wednesday announced the withdrawal of its Rs 20,000 crore follow-on public offering (FPO) and return of investors’ money. Addressing investors on Thursday, Adani said, “Yesterday’s decision to withdraw the FPO after it was fully subscribed may have surprised many, but considering the volatility in the market yesterday, the board feels that It would not be ethically correct to continue with the FPO.

He said that this decision will not have any impact on the existing works and future plans. Adani said, “We will continue to focus on timely completion of projects. Adani said that the fundamentals of the company are strong.
He said, “Our books are healthy and our assets are strong. Our ‘Ebitda’ levels and cash flows have been very strong and our debt servicing record is impeccable. We will continue to focus on long-term value creation and development will be done through internal resources.

‘EBITDA’ stands for ‘Earnings Before Interest, Taxes, Depreciation and Amortization’. Adani said that once the market stabilises, we will review the capital market strategy. “Our focus will remain high on ‘ESG (Environmental, Social and Governance) and each of our businesses will continue to grow responsibly. Our working methods are approved by the most international partners, who are associated with our global organizations.

[ad_2]

Source link