Gautam Adani addresses investors after the withdrawal of fully subscribed FPO
Gautam Adani addresses investors after the company calls off a fully subscribed FPO. Here’s what he had to say
The board of directors of the company in its meeting today decided not to go ahead with the FPO of equity shares aggregating up to Rs 20,000 crore of face value of Rs 1 each on partially paid up basis which were fully paid up in the interest of its subscribers. prepaid.
The bourses took a beating after Hindenburg Research in its report made a series of allegations against the Gautam Adani-led group, including fraudulent transactions and manipulation of share prices.
Dear friends,
After a fully subscribed FPO, yesterday’s decision to withdraw it would surprise many. But given yesterday’s market volatility, the board felt strongly that it would not be morally right to continue with the FPO.
In my humble journey of over 4 decades as an entrepreneur, I have been blessed to receive tremendous support from all stakeholders, especially the investor community. It is important for me to admit that whatever little I have achieved in life is because of the faith and trust they place. I owe all my success to them. For me, the interest of my investors is paramount and everything else is secondary. To insulate investors from potential losses, we withdrew the FPO.
This decision will have no impact on our current operations and future plans. We will continue to focus on the timely implementation and delivery of projects.
The fundamentals of our company are strong. Our balance sheet is healthy and our assets robust. Our EBIDTA levels and cash flows have been very strong and we have an impeccable record of meeting our debt obligations. We will continue to focus on long-term value creation and growth will be driven by internal accrual accounting.
Once the market stabilizes, we will revise our capital market strategy.
We have a strong focus on ESG and each of our businesses will continue to create value in a responsible manner. The strongest validation of our governance principles comes from the multiple international partnerships we have built across our various entities.
I take this opportunity to thank our investment bankers, institutional investors and shareholders from within and outside the country for their unwavering support to FPO.
Despite the volatility of the stock over the past week, your faith and belief in the company, its business and its management has been extremely reassuring and humbling to all of us. We strongly believe that we will receive support in the future. Thank you again for trusting us.
Jai Hind!
