Gautam Adani said considering the volatility of the markets yesterday, the Adani Board strongly felt it would not have been morally correct to proceed with the FPO.
Updated: February 02, 2023 8:45 am IST
New Delhi:
Billionaire Gautam Adani today said the “interest of my investors is paramount and everything is secondary” as he explained the decision to call off India’s biggest FPO, which was fully subscribed.
Mr Adani said considering the volatility of the markets yesterday, the Adani Board strongly felt it would not have been morally correct to proceed with the FPO.
“In my humble journey of over 4 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. For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO,” Mr Adani said in his video statement.
Adani Enterprises announced its decision late last night to call off its ₹ 20,000 crore share sale. The group said that it will return the proceeds of the FPO to insulate investors in the offering from potential losses.
Source: NDTV-News