The subsequent public issue of Adani Enterprises will start tomorrow after the allegations of false figures raised by the American research firm Hindenburg. Meanwhile, Adani Group has stated that it will take legal action against Hindenburg Research. But Hindenburg said he stood by the charge and was prepared to face any action.
Adani Enterprises aims to raise Rs 20,000 crore through EPFO. Major financial institutions such as Maybank Securities and the Abu Dhabi Investment Authority have expressed interest in the matter. It is interesting to note that, shortly before the issue started, Hindenburg and Adani Group presented serious allegations against the companies. It was claimed that despite the poor performance of the Adani companies, the shares were trading at an inflated price of 85 per cent. Due to this, the value of Adani companies decreased by about ninety thousand crore rupees. Gautam Adani, who is the second richest man in the world, was relegated to fourth place.
The group said it would take legal action against Hindenburg Research for making false and unfounded claims. But Hindenburg’s reply was that he stood by the allegations. The American company said that Grŵp Adani did not have a concrete answer to the 88 questions raised in the report and that it was prepared to face any action. In the meantime, Adani Group may release a detailed response to the allegations made by Hindenburg Research.
Hindenburg group Adani report