Thursday, November 14
Adani Enterprises Ltd Chairman Gautam Adani, in his Statement today, 1st February 2023, said:
“The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday. 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. Thank you."
He further added -
"Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue will not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO."
Holding High Moral Ground, Ethical Professional & Business Practices, that the Adani Group is well known for, he said that his firm is working with Book Running Lead Managers (BRLMs) to refund the proceeds received by his company in an escrow account, and to also release the amounts blocked in bank accounts for subscription to this issue.
He also added that the company balance sheet is very healthy with strong cash flows and secure assets, and they have an impeccable track record of servicing our debt. This decision will not have any impact on the existing operations, or on any of the future plans.
This decision indeed is the Highest Golden Benchmark for Ethical Business Practices, which is possible only with Very Strong Moral, Great Professional - Business Acumen, ultimately backed by Excellent Cash Flows & Long Term Multi Stream Financial Foundations.
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