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ADANI ENTERPRISES CALLS OFF `20,000 CRORE FPO
The interest of the investors is paramount and hence to insulate them from any potential financial losses, Board has decided not to go ahead with FPO: Adani
First India Bureau
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Mumbai: On Wednesday, tremendous, ambitious and popular budget was presented by Union Finance Minister, on the same day there was a huge chaos in the stock market. Billionaire Gautam Adani-led group’s firm Adani Enterprises decided to scrap its follow-on public offer (FPO), a day after it was fully subscribed.
`20,000 crore FPO was fully subscribed a day ago as investors pumped funds into the flagship firm. Adani Group said that it has decided not to proceed with FPO in the interest of its subscribers. “Given the unprecedented situation and the current market volatility the company aims to protect the interest of
Thanking the investors for their support and commitment to the FPO, given the unprecedented market movement, the board of directors of company felt that going ahead with FPO will not be “morally correct”.
—Gautam Adani, Chairman Adani Group
ADANI LOSES ASIA’S RICHEST PERSON TITLE, DROPS TO 15 ON WORLD LIST its investing community by returning the FPO proceeds and withdraws the completed transaction,” Adani Group said. Stating that his group balance sheet is very healthy with strong cash flows and secure assets, Adani said that decision will not have any impact on their existing operations and future plans.
Gautam Adani lost his title as Asia’s richest person on Wednesday. Stock losses saw Adani slip to 15th on the Forbes rich list with an estimated net worth of $76.8 billion.
The government is targeting 5 MT of Green Hydrogen production by the year 2030. Budget provides for Rs 35,000 crore for priority capital investment towards energy transition and net zero objectives.
The fiscal deficit target of 6.4 per cent will be retained in the revised estimate for the current fiscal. For next fiscal 2023-2024, it will be cut down to 5.9% of the GDP.
6th FinMin to present Budget 5 times in a row; Sitha’s shortest speech at 87 mins F inMin Nirmala Sitharaman is 6th minister in independent India to present 5 consecutive budget, joining a select league of legends likes of Manmohan Singh, Arun Jaitley and P Chidambaram. She wrapped her 2023 speech in under 90 minutes.
