In the statement, Mr Adani said their “balance sheet is very healthy with strong cashflows and secure assets, and we have an impeccable track record of servicing our debt”.
New Delhi: The chairman of Adani Enterprises Ltd., Gautam Adani, stated on Thursday that it would not be “morally correct” to go with the Rs 20,000 crore share in the current market environment, one day after deciding not to proceed with the fully subscribed Follow-on Public Offer (FPO).
“After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in his address to investors after withdrawal of the fully subscribed FPO.
Watch Adani’s Address Here:
Video Courtesy: Adani Group YT
Adani said in his humble journey of over four decades as an entrepreneur, “I have been blessed to receive overwhelming support from all stakeholders, particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them. I owe all my success to them.”
According to report in NDTV, The FPO was subscribed over 1.25 times for institutional investors.
In the statement, Mr Adani said their “balance sheet is very healthy with strong cashflows and secure assets, and we have an impeccable track record of servicing our debt”.
The decision to call off the share sale “will not have any impact on our existing operations and future plans,” he said.
“We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, we will review our capital market strategy. We are very confident that we will continue to get your support. Thank you for your trust in us,” he added in the statement.
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