The follow-on public offering (FPO) of Adani Enterprises was fully subscribed on the last day with the group managing to persuade institutional investors and high networth individuals to pick up the slack in the Rs 20,000-crore issue. The institutional quota was subscribed 1.26 times and HNIs 3.32 times, which was enough to cover for the fact that only 12 per cent of the retail quota was picked up, and even the employee quota was subscribed at 55 per cent. The issue ran into trouble, of course, because the Hindenburg Research report accused the “World’s 3rd Richest Man” of “pulling the largest con in corporate history”. The 106-page report alleged extensive evidence of financial manipulation, including money being moved around via a network of overseas shell companies controlled by Vinod Adani, brother of Adani Enterprises Chairman Gautam Adani. The report asked 88 questions about the group’s financial structure, and pointed to ongoing and pa
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