Here is what billionaire chairman Gautam Adani said:
"The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday. 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." "However, today 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." "The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO (follow-on public offer)."
"We are working with our Book Running Lead Managers (BRLMs) to refund the proceeds received by us in escrow and to also release the amounts blocked in your bank accounts for subscription to this issue." "Our balance sheet is very healthy with strong cashflows and secure assets, and we have an impeccable track record of servicing our debt. This decision will not have any impact on our existing operations and future plans." "We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, we will review our capital market strategy. We are very confident that we will continue to get your support. Thank you for your trust in us." <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Adani abandons $2.5 billion share sale in big blow to Indian tycoon EXPLAINER-Adani vs Hindenburg: What you need to know NEWSMAKER-India's Gautam Adani: Asia's richest man in the eye of a storm TIMELINE-India's Adani ditches $2.5 bln share sale after $86 bln rout Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge Indian regulator looking into $86 bln Adani share wipeout As billionaire battles short-seller, 'IndiaStandsWithAdani' trends online INSTANT VIEW-Adani rides out storm as investors rally behind $2.5 bln share sale RPT-BREAKINGVIEWS-Gautam Adani’s next hurdles may be harder to clear RPT-BREAKINGVIEWS-Adani re-ups India’s emerging market risk RPT-BREAKINGVIEWS-Short-seller attack raises Gautam Adani stakes ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Tanvi Mehta Editing by Nick Zieminski)
