"The market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the Company's board felt that going ahead with the issue will not be morally correct," Adani said in a statement released in the early hours of Thursday.
In this context - citing investors' interest and to protect them from possible financial losses - "the Board has decided not to go ahead with the FPO." it added.
The decision will result in the return of funds to the investors who purchased shares in the FPO - worth over
"Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling. Thank you," the billionaire said.
The group has already began the process to refund the revenue received in its account and also to release the funds blocked in the investors' bank account for subscription to the listing, according to the statement.
Adani claimed that the group's balance sheet was "very healthy with strong cashflows and secure assets," and that the FPO withdrawal would not "have any impact on our existing operations and future plans."
The FPO - touted to be the largest in Indian markets - was quickly overshadowed last week by a report by
With its stock-price plummeting from the opening day due to the report, the group had to go on the defensive to keep the three-day FPO afloat, although it closed on Tuesday with all the shares sold.
However, the group stocks continue to trade in red and the listing raised much less than the initial estimates.
A week of huge losses has cost over
As per the Forbes' real time billionaire list, the Indian businessman has dropped to the 15th place as of Thursday.
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