- Gautam Adani releases a video early on Thursday addressing the topic of shocking withdrawal of its Rs 20,000 crore FPO
NE BUSINESS BUREAU
AHMEDABAD, FEB 2
Stating that interest of my investors is paramount and everything is secondary, Adani Group Chairman and Founder Gautam Adani, on Thursday, speaking on his company’s withdrawal from FPO said that the board felt it would be ‘morally incorrect’ to proceed with it considering volatility of the market. He said the move was taken in best interest of the investors and to save them from potential losses.
On February 1, Adani Enterprises withdrew their fully subscribed FPO of Rs 20,000 crore. The decision was taken in a board meeting after the organisation’s stocks plummeted amidst the Hindenburg row.
Gautam Adani released a video early on Thursday addressing the topic of shocking withdrawal of its Rs 20,000 crore FPO.
“Our balance is healthy and assets robust. Our immediate levels and cash flows have been very strong, and we have an impeccable track record of fulfilling our depth obligations. We will continue to focus on a long-term value creation and growth will be managed by our internal accruals,” Adani said.
He also added that his company would review its capital market strategy once “market stabilises”.
This decision will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects, Adani further added.
“We have a strong focus on ESG and every business of ours will continue to create value in a responsible way. The strongest validation of our governance principles, comes from several international partnerships we have built across our different entities.
I take this opportunity to thank our investment bankers, institutional investors and shareholders from within and outside the country for giving unflinching support to the FPO.
Despite the volatility in the stock over the last week your faith and belief in the company, its business and its management has been extremely reassuring and humbling, for all of us. We are very confident that we will continue to get support in the future also,” the statement said.
