Gautam Adani, Chairman, Adani Group
Chennai: The Adani Enterprises Ltd -- the flagship company of the Adani Group -- on Thursday said it is withdrawing the Red Herring Prospectus (RHP) filed with the Registrar of Companies (RoC), Gujarat.
The move is a follow up to the company's decision on Wednesday not to proceed with its Rs20,000 crore follow-on public offer (FPO) and withdraw the RHP on account of the prevailing market conditions.
The company said owing to the extreme volatility in the company's stock price, other commercial and strategic considerations, and to protect the interest of the investors it is withdrawing the follow-on public offer.
The offer agreement dated January 18, 2023, entered into by and amongst the company and the book running lead managers appointed for the Offer, namely, ICICI Securities Limited, Jefferies India Private Limited, Axis Capital Limited, BOB Capital Markets Limited, Elara Capital (India) Private Limited, IDBI Capital Markets and Securities Limited, JM Financial Limited, Monarch Networth Capital Limited, SBI Capital Markets Limited and IIFL Securities Limited, for the purposes of the Offer has been terminated.
According to Adani Enterprises, excluding the cash escrow and sponsor banks agreement dated January 18, 2023 entered into by and amongst the company, and ICICI Securities Limited, Jefferies India Private Limited, Axis Capital Limited, Bob Capital Markets Limited, Elara Capital (India) Private Limited, IDBI Capital Markets & Securities Limited, IIFL Securities Limited, etc.
