31/01/2023
Adani Enterprise’s Rs 20,000 crore FPO over-subscribed on its last day. Non-Institutional Investors (NII) showed heavy support to the FPO.
The Hindenburg report had put Adani Group in a spot as it triggered sell-offs in the companies.
Despite the negative sentiment in the market, the FPO received 112% bids from investors as reported by Economic Times.
Non-institutional investors lead the bidding with a 332% subscription as reported by Business Insider.
The FPO received a boost with Abu-Dhabi based International Holding Company committing to invest $400 million (approx. ₹3,244 crore).
30/01/2023
Adani Group recently came under fire from Hindenburg Research, a research firm known for its forensic analysis of public companies. The firm published a report accusing Adani of misstating its financials and failing to disclose material information about its operations. Adani dismissed the allegations as "baseless" and said it "operates in full compliance with applicable laws and regulations." In response, Adani stated that it is "confident in the accuracy of its financial statements and disclosures, which are audited by a top-tier accounting firm." However, Hindenburg Research is still urging shareholders to take action and press Adani to provide more transparency around its operations. It remains to be seen how Adani will respond to the allegations and what fallout, if any, will come from the report.
26/01/2023
"We would welcome it", Hindenburg Research's responds to Adani Group's statement of legal action. The short-seller took to twitter to release a statement where it reiterated that Adani group has not answered any of the questions asked by the research firm and they are willing to take the matter up in the U.S. courts.
Adani Group is considering taking legal action against the research group in the statement it released on Thursday, Jan 26, 2023.
"We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” said the group as reported by Business Today.
The group is considering action as the slide in value of Adani Group companies will benefit the research group.
25/01/2023
Hindenburg Research announced on Wednesday that it has taken short positions in Adani Group companies.
Reuters reported, the short-seller has said that seven Adani-listed companies have an 85% downside on a fundamental basis due to sky-high valuations.
The Adani group is controlled by the world’s third-richest man, Gautam Adani.
Adani Group has a total debt of Rs 2.2 trillion as on March 31, 2022, as reported by the Mint.
The company recently announced an FPO of its flagship company Adani Enterprises to reduce its debts.
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