Adani Enterprises pulls withdraws its’ FPO

Adani Enterprises Limited has approved its Rs 200 billion follow-on public offering (FPO), citing investor protection concerns. The company is now working on returning the entire amount of funds raised by investors lying in an escrow account. Corporates and foreign investors had bailed out Adani Enterprises Limited’s FPO amid volatility in the stock market. A day before the FPO was called off, the International Holding Company, an Abu Dhabi-based diversified conglomerate, announced to invest AED 1.4 billion in the FPO through its subsidiary, Green Transmission Investment Holding RSC Limited. Additionally, it raised Rs 59.85 billion from anchor investors including global funds, sovereign wealth funds from the Middle East and domestic insurers ahead of the start of the FPO.