Despite losses to some of the group’s listed Observables and retention of smaller rights, the larger deal showed a lot of enthusiasm on the final day of the offer.
In a statement, a representative from the public relations department of the group said, “Thanks for the support extended to approve the Adani FPO during the unprecedented and nomination time…”
Like Closer Subscribers, Alien Funds and other large takers, 112 people subscribed to the billion-dollar offering as of Tuesday afternoon, but shareholders bid for only 12 percent of their stake despite the additional discount, reducing the shareholder base. Adani’s plans to expand and make the average, ordinary Indian parent a shareholder took a hit.
Shares of Adani Interprez closed at Rs 3.35 on Tuesday, but were still placed below the range of Rs 3,112-3,276 set for the FPO, which led to open market buying. Shares of Adani Migration, Adani Green Energy and Adani Ports closed quotient: 3.73, 3.06 and 2.67 per cent. On the other hand, it turned out to be another day of losses for Adani Total Gas, which had to halt trading after falling 10 per cent in the morning itself. This natural gas distribution company, which has 37.4 shares of France’s Total Energies (Total Energy), has recorded a 45 percent fall in market value during the last one week. Similarly, trading was called off in Adani Power and Adani Wilmar, down 5 per cent each.
The conglomerate’s 60-year-old founder Gautam Adani was the world’s third-richest person till last week, but has now slipped to the eighth spot on Forbes’ real-time global rich list.
Adani Group’s stock has declined in the last week. The Adani group had said the report was a ‘malicious rogue’ attack, and the group had also issued a 413-share statement on Sunday, staunchly denying Hindenburg.
The Adani Group called the Hindenburg report a ‘pack of lies’ and said, “It is not just an attack on a specific company, but on the freedom, integrity and quality of India and Indian engagement, as well as on India’s growth story and ambitions.” It’s a planned attack…”
In response Hindenburg said, “The future of India is being held at stake by the Adani Group, which has wrapped itself in the gimmick of nationalism while simply looting the country…”
Hindenburg also said that the response given by the Adani group only had about 30 pages that focused on the issues in their report.
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