Gautam Adani pulled off a closely watched $2.5 billion equity sale for his flagship company, largely thanks to existing shareholders, earning the Indian billionaire some reprieve after his empire was rocked by fraud allegations by short seller Hindenburg Research.
The offering by Adani Enterprises Ltd. was India’s largest follow-on share sale, and was fully subscribed on the final day, aided by a last- minute surge in demand from institutional investors. Interest from retail investors — who Adani was hoping to attract — was notably weak.
While the share sale’s completion is a victory for Adani after Hindenburg’s allegations put the offering in doubt, that’s unlikely to fully dispel investor concerns about the conglomerate’s corporate governance.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Hindenburg Research: All you need to know about US-based investment firm
Adani's $2.5 bn FPO faces critical final day amid Hindenburg turmoil
Fraud can not be obfuscated by nationalism: Hindenburg on Adani's rebuttal
Hindenburg vs Adani: Meet Nate Anderson, founder of Hindenburg Research
Hindenburg vs Adani: Short selling not shareholder activism, says InGovern
Infosys admits appeal against UK tax assessment, says report
MGL slashes CNG price by Rs 2.50 per kg; leaves PNG prices unchanged
Zoho Corp eyes $1 billion revenue from ManageEngine in next 2-3 years
Income tax department conducts survey action against drug major Cipla
Tata Motors raises final tranche of Rs 3,750 crore from TRG Rise Climate