The Adani Enterprises’ ₹20,000 crore FPO (follow-on public offer) has fully been subscribed on the last day before the markets closed on Tuesday.
The subscriptions included non-institutional investors whose subscriptions stood at 332% of their respective category. Other subscriptions included 126% from qualified institutional buyers, 12% from Retail, 53% from employees and 112% overall, as mentioned by BSE. The FPO was India’s largest so far and it subsided just before the markets closed.
As reported by Business Insider, The FPO experienced a high in subscriptions today after the Day 2 subscription stood at just 3%.
This issue is the same that made the founder and chairman of Adani Group BCCL, Gautam Adani, fall down from being the richest person in the world. Adani is now ranked 11th after his wealth has declined by $34.6 billion since the Hindenburg report was released on January 24.
Hindenburg Research, a New York-based short seller, released a report that actively accused the Adani group for indulging in stock manipulation and accounting fraud.
Hindenburg said, “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised.”
The Adani Group called the report, “unsubstantiated allegations and misleading narrative.”
Even after the research was proved wrong after the FPO being sold, the Adani Group lost over ₹5.57 lakh crore in market capitalization of the nine Adani Group companies since January 24.
