Large investors pull Adani's US$2.5 billion share sale through after stock rout

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MUMBAI: Adani Group's ambitious share sale exceeded its subscription targets Tuesday (Jan 31) in a relief for the Indian conglomerate, which is reeling from allegations of 'brazen' corporate fraud that wiped more than US$65 billion off its value. The success of India's biggest follow-on public offer

- still Asia's richest man despite a bruising US$36 billion hit to his personal fortune.

"Thank you for the support provided in making the Adani FPO a success during the most unprecedented and challenging times," a public relations representative for the conglomerate said in a statement. But retail investors bid for only 12 per cent of their category, despite additional discounts, impeding Adani's plans to expand his shareholder base and invite"the average, normal Indian mom and dad as shareholders".

Adani Transmission, Adani Green Energy and Adani Ports closed 3.73, 3.06 and 2.67 per cent higher respectively.

 

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