Breakingviews - Gautam Adani’s next hurdles may be harder to clear
, and Adani Ports still trade at distressed levels near 70 cents on the dollar. Meanwhile, accountants affiliated with EY Global and Deloitte may take a closer look at Adani’s books. The industrialist will also probably have to wait before trying again to diversify the tight shareholding structure of his other listed companies..
and IHC, which picked up 16% of the share sale, may chip in. But to the extent Gautam Adani was counting on debt and equity capital markets to fuel his growth, Hindenburg’s attack may leave lasting scars.The $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.
Investors bid for 1.12 times the shares on offer. Large non-institutional investors submitted bids for almost five times the shares offered or reserved to them, while employees bid for 0.55 times and individual retail investors for 0.12 times. International Holding Company, the Abu Dhabi conglomerate, said a day earlier that it would be investing 1.4 billion dirhams, over $380 million, to subscribe to 16% of the follow-on deal.
Shares of Adani Enterprises closed at 2,974 rupees on Jan. 31, up 2.8%, but about 4% below the bottom of the previously guided price range for the offering of 3,112 rupees.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Breakingviews - Gautam Adani’s next hurdles may be harder to clearIt helps to have friendly investors and rich families on hand when finalising a tricky share sale. These groups dragged Gautam Adani’s $2.4 billion capital call across the finish line on Tuesday, despite a selloff triggered by Hindenburg Research’s short attack.
Read more »
Breakingviews - Breakingviews: TikTok’s trust-me tour will need at least 50 stopsTikTok wants a fair shake. The social media company run by Chief Executive Shou Zi Chew will appear in front of a U.S. House of Representatives committee in March. But Chew, a Harvard University alumnus, will have to travel far beyond Washington to make America comfortable.
Read more »
Breakingviews - Breakingviews: Adani re-ups India’s emerging market riskIndia is making its way onto global investors’ maps. How the country’s financial authorities tackle the $65 billion selloff at Gautam Adani’s eponymous infrastructure empire following a short-selling attack may determine how soon the country establishes itself as a reliable investment destination.
Read more »
Gautam Adani is no longer one of the top 5 richest people in the worldGautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023
Read more »
Asia's richest man, Gautam Adani, accuses short-seller Hindenburg of attacking IndiaIndia's Adani Group, run by Asia's richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it 'malicious,' 'baseless' and full of 'selective misinformation.'
Read more »