A day after withdrawing the ₹20,000 crore FPO, Gautam Adani said he will review the company ‘s capital market strategy after stabilising of equity markets.
“After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said.
“For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO,” he added.
Adani Enteprises Chairman Gautam Adani on FPO cancellation
Adani added that decision will not have any impact on the company’s existing operations and future plans. We will continue to focus on timely execution and delivery of projects.
“The fundamentals of our company are strong. Our balance sheet is healthy and assets, robust. Our EBIDTA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long-term value creation and growth will be managed by internal accruals,” Adani said.