Seven Adani Group stocks have lost a combined $48 billion in market value since Hindenburg Research on January 24 flagged concerns about debt levels and the use of tax havens.
The sale is being managed by Jefferies, India’s SBI Capital Markets, and ICICI Securities among others
Amid the plunge in shares of Adani Enterprises following a US short seller’s critical report, bankers on the company’s Rs 20,000 crore-follow-on public offer (FPO) are considering to extend the sale or cut the issue price, news agency Reuters reported on January 28, citing sources who are privy to the deal.
The options being considered by the bankers include an extension in the FPO’s timeline, the sources reportedly said, noting that the closing date could be extended beyond January 31.
The company, however, has issued a denial, claiming that an extension in the FPO’s timeline or a change in its issue price is not being considered.
The FPO is “going as per schedule and the announced price-band”, a spokesperson of Adani Enterprises clarified. “There is no change in either the schedule or the issue price. All our stakeholders including bankers and investors have full faith in the FPO. We are extremely confident about the success of the FPO,” the spokesperson further added.