• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, June 23, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Markets

Adani Enterprises Calls Off FPO Amid Market Turmoil

by Indrajeet Giram
February 2, 2023
in Markets
Reading Time: 2 mins read
0
Adani Enterprises Calls Off FPO Amid Market Turmoil

Adani Enterprises Calls Off FPO Amid Market Turmoil

TwitterWhatsappLinkedin

Gautam Adani, the billionaire, has stated that the foundation of his conglomerate is strong as he addressed the reason behind the cancellation of a highly-anticipated share sale.

You might also like

Frederick W. Smith, FedEx Founder and Visionary, Dies at 80

Innov8 Raises Fresh Funds at ₹1,000 Cr Valuation; Plans to Double Footprint

Weekly Business News: Everything from Starlink’s India entry to Ecom Express Acquisition

During a speech to investors, Adani stated that the Adani board felt it would be inappropriate to move forward with the Follow-on Public Offer (FPO) due to the market’s volatility. He went on to explain that the protection of his investors is of utmost importance to him, and in order to prevent any potential losses, the FPO was withdrawn.

#WATCH | After a fully subscribed FPO, yday’s decision of its withdrawal would've surprised many. But considering volatility of market seen yday, board strongly felt that it wouldn't be morally correct to proceed with FPO:Gautam Adani, Chairman, Adani Group

(Source: Adani Group) pic.twitter.com/wCfTSJTbbA

— ANI (@ANI) February 2, 2023

Adani Enterprises announced the cancellation of their 20,000 crore rupee FPO, which had been fully subscribed, and stated that the proceeds would be returned to investors. Following fraud allegations from a US short-seller, Hindenburg Research, Adani Group companies lost 104 billion dollars in market value.

Despite this, Adani stated that the decision will not affect their existing operations or future plans. The company remains focused on execution and delivery of projects, with a strong balance sheet, healthy assets, and a track record of fulfilling debt obligations. Adani also emphasized their commitment to ESG and creating value in a responsible manner, and expressed gratitude towards their investment bankers and shareholders for their support.

The FPO was unaffected by a negative report from the US-based short-seller, Hindenburg Research, which raised concerns about the group’s high debt levels and suspected use of tax havens. The Adani Group responded with a 413-page statement, calling the report a “calculated attack” on India and its institutions.

What is Adani enterprise and its company distribution ?

Adani Enterprise is a conglomerate of various businesses headquartered in India. Founded and led by billionaire Gautam Adani, the company has diversified interests in ports and logistics, agribusiness, energy, defense, real estate, financial services, and more. Over the years, Adani Enterprise has established itself as one of the leading players in India’s infrastructure sector, and is now expanding its footprint globally.

Adani Ports and Special Economic Zone Limited (APSEZ), a subsidiary of Adani Enterprise, is India’s largest private port operator and has a presence in several countries including India, Australia, and Indonesia. Adani Group’s agribusiness division is also one of India’s largest agri-logistics solutions providers, and has established a strong presence in the country’s grain trade and storage sector.

Adani Enterprise is also one of the largest players in India’s energy sector, with interests in renewable energy, thermal power, and gas distribution. The company’s renewable energy portfolio includes wind and solar power projects, and it has set a target of generating 25 GW of renewable energy by 2025. In the defense sector, Adani Enterprise has formed partnerships with global aerospace and defense companies to manufacture fighter jets, helicopters, and unmanned aerial vehicles in India.

Tags: #AdaniGroup#economicgrowth#gautam_adani#indianbillionaire#Institutional_Investment#recordgrowthAdani EnterpriseFPOHindenburg Research
Tweet54SendShare15
Previous Post

OpenAI launches ChatGPT Plus at $20 per month: what to know

Next Post

How to Evolve Sunkern in Pokemon Scarlet and Violet

Indrajeet Giram

📚 Avid reader 🔋constant learner curious analyzer @ everything 📝Business & Economic Journalist ✍️

Recommended For You

Frederick W. Smith, FedEx Founder and Visionary, Dies at 80

by Harikrishnan A
June 23, 2025
0
Frederick W. Smith, FedEx Founder and Visionary, Dies at 80

Frederick W. Smith, the man who forever changed how the world sends and receives packages, has passed away at the age of 80. Known as the founder of...

Read more

Innov8 Raises Fresh Funds at ₹1,000 Cr Valuation; Plans to Double Footprint

by Ishaan Negi
June 21, 2025
0
Innov8 Raises Fresh Funds at ₹1,000 Cr Valuation; Plans to Double Footprint

In a notable move in India’s flexible workspace sector, Oyo-owned Innov8 has raised fresh capital at a valuation of ₹1,000 crore, selling 3% stake in the company. The...

Read more

Weekly Business News: Everything from Starlink’s India entry to Ecom Express Acquisition

by Ishaan Negi
June 21, 2025
0
Weekly Business News: Top business updates in this week

India’s rapidly evolving business and tech landscape is witnessing a week of dramatic turns—from legal battles and leadership pivots to billion-dollar investments and policy wins. From baby brands...

Read more
Next Post
How to Evolve Sunkern in Pokemon Scarlet and Violet

How to Evolve Sunkern in Pokemon Scarlet and Violet

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?