Adani Enterprises calls off ₹20,000 crore FPO

The Board of Adani Enterprises today decided to call off the company's ₹20,000 crore follow-on public offer (FPO).

A press release issued by the conglomerate states,

"Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction."

Adani Enterprises had launched a ₹20,000 crore FPO, which was fully subscribed on Day 3.

Cyril Amarchand Mangaldas, Trilegal and Latham & Watkins had acted on the FPO.

Right before the launch of the FPO, the Adani Group had found itself in the eye of a storm after US-based investment research firm Hindenburg Research released a report alleging fraud on the part of the conglomerate, as a result of which its stocks suffered losses to the tune ₹65 billion.

Adani released a response to the allegations on January 29, claiming that the report was a "malicious combination of selective misinformation and concealed facts to drive an ulterior motive".