Adani pulls off $3.6b share sale after jump in final bids

Gautam Adani pulled off a closely watched $US2.5 billion equity sale for his flagship company, largely thanks to existing shareholders, earning the Indian billionaire some reprieve after his empire was rocked byThe offering by Adani Enterprises Ltd was India’s largest follow-on share sale, and was fully subscribed on the final day, aided by a last minute surge in demand from institutional investors. Interest from retail investors — who Adani was hoping to attract — was notably weak.

in recent days after Hindenburg alleged the conglomerate used a web of companies in tax havens to inflate revenue and stock prices. Adani has denied the short seller’s allegations.“One concern of the market seems to be out of the way now,” said Deepak Jasani, head of retail research at HDFC Securities. “They have been able to convince high-net-worth individuals and deep-pocketed people to take exposure.

However, the weak uptake from individual investors — they bid for a little over 10 per cent of the shares offered to them — undermines the group’s key goal of broadening its investor base.Adani Group chief financial officer Jugeshinder Singh had said in November that after tapping strategic investors in recent years, the conglomerate was looking for a wider investor base that doesn’t mind a company investing in long-term projects that can take time to show returns.

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Adani's $3.52 billion share sale faces crucial day after Indian routAdani expects its second day of share sales to go better than the first, with analysts describing it as 'critical' and saying recovery from a sharp drop in prices may be difficult. . I have no doubt that Adani uses shell companies & tax havens. Because all companies do. Australian companies do. Australian citizens pretending to be companies do. Tax avoidance is legal in Australia & the Western world - but only if you're rich. It's called liberalism. .
Source: abcnews - 🏆 5. / 83 Read more »

Adani publishes 413-page response to accusations as he suffers $28b wipeoutThe lengthy rebuttal of allegations of fraud by short seller Hindenburg Research comes after Gautam Adani lost around 20 per cent of his fortune in a single day.
Source: smh - 🏆 6. / 80 Read more »

Adani claims US investment firm’s fraud allegations are an ‘attack on India’Conglomerate responds to Hindenburg Research report that claimed it was the ‘biggest con in corporate history’
Source: GuardianAus - 🏆 1. / 98 Read more »

Australian link to Adani short-selling dramaConcerns about debt levels in the Adani family empire have been growing for some time, as an episode related to the repayment of debt at an Australian coal port shows.
Source: FinancialReview - 🏆 2. / 90 Read more »

Adani stock rout continues despite support from key investorThe focus will now be squarely on the final outcome of the flagship firm’s fundraising exercise, a fresh barometer of investor mood. Bs spills out of the company
Source: FinancialReview - 🏆 2. / 90 Read more »

Major investment in Adani Group fails to stop US$70bn slide in value following fraud allegationsAbu Dhabi’s International Holding Company to invest US$400m in Indian conglomerate as it tries to complete share sale
Source: GuardianAus - 🏆 1. / 98 Read more »