New Delhi: Adani Group owner Gautam Adani has finally given his response. He has spoken in front of the camera. During this, he has talked about taking many big decisions. He said that for me, the interest of my investors is paramount and everything else is secondary. Therefore, to protect investors from possible losses, we have withdrawn the FPO. This decision will have no impact on our current operations and future plans. We will continue to focus on timely implementation.
Since the disclosure of the Hindenburg Research report, Adani Group’s shares have continued to fall. The company has withdrawn its FPO after shares of Adani Group fell by nearly 30 per cent on Wednesday.
#WATCH , After a fully subscribed FPO, today’s decision of its withdrawal would’ve surprised many. But considering volatility of market seen today, 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
Gautam Adani said that after a fully subscribed FPO, today’s decision to withdraw it must have surprised many. But considering today’s volatility in the market, the Board strongly felt that it would not be ethical to go ahead with the FPO.
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We have a strong balance sheet and strong assets, he said. Our EBITDA levels and cash flows have been very strong and have an impeccable track record of servicing our debt obligations. We will continue to focus on long-term value creation and growth will be managed by internal resources.
We will review our capital market strategy once the market stabilises. We have a strong focus on ESG and each of our businesses will continue to create value in a responsible manner. The strongest validation of our governance principles comes from our many international partnerships. For me the interest of my investors is paramount. Therefore, to protect investors from possible losses, we have withdrawn the FPO.