New Delhi: Adani Group Chairman Gautam Adani has made a big statement after withdrawing the Rs 20,000 crore FPO of Adani Enterprises Limited and said, “For me, the interest of my investors is paramount. Therefore, to protect investors from potential losses, we have withdrawn the FPO.”
He said that this decision will have no impact on his existing operations and future plans. They will continue to focus on timely implementation.
Gautam Adani said in his video statement, “The decision to withdraw it after a fully subscribed FPO must have shocked many. But given today’s volatility in the market, the Board strongly felt that it would not be ethically right to go ahead with the FPO.”
“We will review our capital and market strategy once the market stabilises. We have a lot of focus on ESG and every business will continue to create value in a responsible manner. “The strongest validation of our governance principles comes from our many international partnerships,” he said.
“In my journey of over 4 decades as an entrepreneur, I have been fortunate to receive overwhelming support from all stakeholders, especially the investor community. It is important for me to accept that whatever I have achieved in life is because of faith and trust. I owe all my success to him. For me, the interest of my investors is paramount and everything is secondary. Therefore, to protect investors from possible losses, we have withdrawn the FPO.”
Earlier, the company had informed in a statement that, “Keeping in mind the fluctuations in the market, it has withdrawn the Follow-on Public Offer (FPO) and will return the money to the investors.”