New Delhi. These days the stars of India’s billionaire businessman Gautam Adani are in decline. Amidst this, big news related to the follow-on public offer (FPO) of Adani Enterprises Limited (AEL) is coming. The company has canceled the fully subscribed FPO. In such a situation, the investors who had invested money in the FPO of Adani Group will be refunded soon. Explain that the FPO of Adani Enterprises was worth Rs 20,000 crore. It was being considered as the biggest follow-on public offer ever.
For information, let us tell you that the FPO of Adani Enterprises was opened for investment on January 27 and it was closed on January 31. In this Rs 20,000 crore FPO, leading investors from all over the world have placed bets. From Abu Dhabi’s investment company IHC (International Holding Company) to India’s veteran businessmen Sunil Mittal, Sajjan Jindal have invested money in this FPO. What did the company say? Adani Enterprises said in a statement that the company’s board of directors, in its meeting today, has decided not to go ahead with the FPO in the interest of its customers.
Significantly, with this the Board has decided that the FPO of equity shares up to Rs 20,000 crore with a face value of Re 1 each on a partially paid-up basis shall not be proceeded with. Meanwhile, SEBI, the body regulating the stock market, is probing the fall in Adani Group’s shares. A Reuters report states that SEBI is probing any possible irregularities in the FPO, apart from the fall in shares of Adani group companies.