The story of those 19 hours when Adani Group decided to withdraw the FPO

This is a time of crisis for Adani Group. Shares of group companies are continuously falling. Meanwhile, a big incident has happened regarding the withdrawal of FPO of Adani Enterprises. So what happened after all that the company had to withdraw it after being fully subscribed.

The report of Hindenburg Research has shaken the Adani Group. Group head Gautam Adani has failed to win the confidence of investors in the market and shares of group companies are continuously falling. Meanwhile, the Adani group has had to withdraw the FPO of its flagship company Adani Enterprises. After all, what happened that after being fully subscribed, the company had to announce the withdrawal of the FPO within just 19 hours.

Group chief Gautam Adani was in Israel on the last day of the FPO. He also posted a photo of his meeting with Israel’s Prime Minister Benjamin Netanyahu on social media. The occasion was to hand over Haifa Port, one of the largest ports in Israel, to a consortium led by the Adani Group, which the group is now going to develop. Then what happened next…

FPO decision to return after returning home

Gautam Adani left for India in his private jet Bombardier Global 6500 from Tel Aviv, Israel. But the next morning on February 1, the selling in the shares of Adani Group continued. Despite it being the budget day, the shares of Adani group companies kept falling in the market. This development worked to bring force on the forehead of the board members of the company.

After the Hindenburg Research report, the market value of the group companies had declined by more than $ 80 billion in a week, despite the FPO being successfully fully subscribed.

Adani’s investors’ calls started coming

Here, the shares of Adani group companies continued to decline. According to a news of ET, the phones of Adani’s finance team started ringing. Distressed investors started voicing their concerns. One of these, the Royal Group, advised Adani Enterprises to re-think about going ahead with the FPO.

In this news quoting sources, it has been said that this Royal Group is the parent company of Abu Dhabi’s International Holding Company.

(This news is being updated.)