Gautam Adani after withdrawing FPO: Adani Enterprises late on Wednesday decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO). It also said that the company would return the proceeds to investors. The announcement comes a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday.
Emphasising that the interest of the investors is paramount and everything is secondary, Gautam Adani, Chairman, Adani Group in a video message to the investors said, "After a fully subscribed FPO, yesterday's decision of its withdrawal would've surprised many. But considering volatility of market seen yesterday, board strongly felt that it wouldn't be morally correct to proceed with FPO."
"For me, the interest of my investors is paramount & everything is secondary. Hence to insulate investors from potential losses we've withdrawn FPO. This decision will not have impact on our existing operations and future plans. We'll continue to focus on timely execution," he added.
Adani also announced that once the market stabilizes, the company would review its capital market strategy. "We've a strong focus on ESG & every business of ours will continue to create value in responsible way. The strongest validation of our governance principles, comes from our several int'l partnerships," Adani said.
"Our balance sheet is healthy and assets, robust. Our EBIDTA levels & cash flows have been very strong & we've an impeccable track record of fulfilling our debt obligations. We'll continue to focus on long term value creation & growth will be managed by internal accruals," he added.
According to reports, as many as 4.62 crore shares were sought as against an offer of 4.55 crore.
