ND24 Web Desk | Published : 2023-02-02
Billionaire Gautam Adani said that it wouldn’t have been morally correct to go ahead with the flagship Follow-on Public Offer (FPO). The statement comes a day after the Adani Board called off the share sale.
"Considering the volatility of the market yesterday, our Board felt that it would not have been morally correct to proceed with the FPO," Adani said in a video address. "For me the interest of the investors is paramount and everything else is secondary. Hence to insulate them from any potential financial losses, we have withdrawn the FPO. This decision will not have any impact on our existing operation," Adani added.
The Adani Group held a meeting on February 1, and decided to call off the FPO of equity shares aggregating up to Rs 20,000 crore, which was fully subscribed.
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