Adani Enterprises Calls Off FPO, Money To Be Returned To Investors | Read

Adani Enterprises Ltd has called off its Rs. 20,000-crore follow-on share sale a day after it was fully subscribed, the company said in a statement. In the statement, the company said it called off the follow-on public offer, or FPO, considering market volatility and it will return the FPO money to investors. "...Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. 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," Adani Enterprises Chairman Gautam Adani said in the statement.

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