Indian tycoon Gautam Adani, who added $40 billion to his wealth last year after a blistering stock rally, wants validation from the investing public and critics who question the forces pushing up his companies’ share prices.
To woo mom-and-pop investors to buy into his ports-to-power empire’s flagship, Adani Enterprises Ltd. will sell new shares at a discount and allow payments in three installments when it rolls out its $2.5 billion follow-on offer later this month — an unprecedented move for one of the country’s hottest stocks. For a stock that has rallied over 1,400% since early 2020, sweeteners are crucial to woo retail investors.
The country’s biggest follow-on share sale serves many ends. A diversified shareholder base gives greater credibility in the stock market and cements Adani’s legacy as a wealth creator for millions of investors, not just himself. A bigger constituency of shareowners may trigger more analys
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