Adani Group on Wednesday withdrew the Rs 20,000 crore Follow-on Public Offer (FPO) of his flagship company Adani Enterprises. After this, Gautam Adani himself has come forward and explained to the investors and also gave the reason for withdrawing the FPO.

This FPO for Rs 20,000 crore was opened for subscription on January 27 and was closed on January 31 after being fully subscribed.

Watch the video here:

Why was the FPO withdrawn?

In the video Gautam Adani can be heard saying that the decision to withdraw the FPO on Tuesday after a fully subscribed FPO must have surprised many. But considering the volatility of the market yesterday, the board felt that it would not be ethical to go ahead with the FPO.

Adani Group Chairman Gautam Adani has said that the company’s objective is to protect the interests of its investors in view of the ups and downs in the stock market. That’s why we are going to return the amount received from FPO and end the transaction related to it, he said in the video.

He also said that for him the interest of his investors was paramount. Therefore, to protect investors from possible losses, his company has withdrawn the FPO.

This decision will have no impact on the company’s current operations and future plans, said Gautam Adani, adding that in his humble journey of over 4 decades as an entrepreneur, he has received overwhelming support from all stakeholders, especially the investor community. He also said that whatever his achievement in life was, was because of the faith and trust of the investors.

Stocks fell

Shares of Adani Enterprises fell 28.5 per cent to close at Rs 2,128.70 on Wednesday. Adani Enterprises sold shares in the price band of Rs 3,112 to Rs 3,276. Shares of Adani Enterprises are down over 49 per cent from their 52-week high. Its stock is down more than 37 per cent in just one week.

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