The follow-on public issue of Adani Enterprises will start tomorrow after the allegations of fake figures raised by the American research firm Hindenburg. Meanwhile, Adani Group has stated that it will take legal action against Hindenburg Research. But Hindenburg stated that he stood by the accusation and was ready to face any action.
Adani Enterprises aims to raise Rs 20,000 crore through EPFO. Major financial institutions such as Maybank Securities and Abu Dhabi Investment Authority have expressed interest in the issue. It is interesting to note that just before the issue started, Hindenburg and Adani Group came forward with serious allegations against the companies. It was alleged that despite the poor performance of Adani companies, the shares were being traded at an inflated value of 85 percent. Due to this, the value of Adani companies fell by about ninety thousand crore rupees. Gautam Adani, who was the second richest man in the world, was relegated to the fourth position.
The group said it would take legal action against Hindenburg Research for making false and baseless allegations. But Hindenburg’s reply was that he stood by the allegations. The American firm stated that the Adani Group did not have a definite answer to the 88 questions raised in the report and was ready to face any action. Meanwhile, Adani Group may release a detailed response to the allegations made by Hindenburg Research.
Adani group Hindenburg report