Adani Group calls off flagship FPO, will refund investors

Feb 01, 2023

MUMBAI: The Adani Group held a meeting on Wednesday and decided to call off the further public offer (FPO) of equity shares aggregating up to Rs 20,000 crore of face value Rs 1 each on partly paid-up basis, which was fully subscribed.

This follows after shares of Adani Group companies encountered a massive crash on Wednesday, triggering wild volatility in benchmark stock indices that went up after Finance Minister Nirmala Sithraman presented the Union Budget 2023.

Adani Enterprises, the flagship firm of the Adani Group, plunged 26.70 per cent, triggering panic on Dalal Street just a day after the company's Rs 20,000 crore FPO sailed through successfully.