The next round of share issuance for Adani Group will begin today. This share issuance comes at a time when the Adani Group is suffering a major stock market setback. From today to Tuesday, the country’s largest ongoing stock-raising will take place. Adani Group intends to use the additional share offering to fund debt repayment and other expenses.
After facing a heavy setback in the stock market, Adani Group is preparing to take legal action against Hindenburg Research and is examining legal possibilities in India and the United States, the company has issued a press release. The company claimed that the publication of a report by Hindenburg Research was an attempt to undermine Adani Enterprises’ FPO.
Adani Group is planning to raise Rs 20,000 crore via the country’s largest FPO. The FPO of Adani Enterprises will take place from January 27 to 31. The market value of Adani Group companies has dropped by 46,000 crore rupees. According to Hindenburg Research, the report on the Adani Group was prepared after two years of investigation. Hindenburg is a research institute that conducts economic studies. According to the report, Adani companies’ stock prices were artificially inflated, and account manipulations were carried out.
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