Due to the current market conditions, India’s Adani Enterprises has cancelled its $2.5 billion share offer, the company announced on Wednesday. The company released a statement explaining that it has decided to return the FPO funds and cancel the completed transaction in order to safeguard the interests of its investor community given the unusual circumstances and the present market volatility.
In a media announcement on Wednesday, the company’s board of directors stated that it had decided against going further with the fully subscribed FPO, citing the interests of the subscribers. It also stated that the investors would receive their money back. The board also expressed gratitude to the investors for helping the FPO.
Shares in Indian billionaire Gautam Adani’s conglomerate plunged, driving the value of his companies $86 billion lower, with the tycoon also losing his crown as Asia’s richest person.
‘Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue will not be morally correct,’ Adani said.
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