Winning Bizness Desk
Mumbai. Amidst the bad news for the Adani Group, there is good news which can boost its confidence. Abu Dhabi firm IHC has announced an investment of Rs 3,261 crore in Adani's Rs 20,000 crore FPO. IHC will make the investment through its subsidiary, Green Transmission Investment Holding RSC Limited. Our interest in Adani Group is driven by our belief in the core principles of Adani Enterprises Limited; IHC Chief Executive Officer Syed Basar Shoaib said, “We see strong growth potential from a long-term perspective. According to the data from the exchanges, on the second day on Monday, the FPO got only 3% subscription. The company has received bids for 13,98,516 shares against the total issue size of 4,55,06,791 shares. The offer, which closes on January 31, has a price band of Rs 3,112-3,276 per share.
After a report by American research firm Hindenburg came out, there was a huge decline in the stocks of Adani Group. However, on Monday, the shares of Adani Enterprises, the flagship company of the group, showed recovery. It closed up by 3.93%. On the other hand, Adani Total Gas declined by 20%. ACC, Adani Port, Ambuja Cement stocks also gained momentum. Adani Green Energy fell 20.00%, Power 5.00%, Transmission 15.23% and Wilmar 5.00%.
Adani Group says – this conspiracy is like Jallianwala Bagh
Adani Group said- 'An organization sitting thousands of miles away without any credibility has conspired to mislead our investors. This is a conspiracy like Jallianwala Bagh. This is an attack on India in a way. There is an attempt to stop the development of India. LIC said Rs 30,127 crore in Adani Group. Had invested, which is now Rs 56,142 crore. This amount is only 0.98% of our total investment and entire investment has happened under the rules.
Adani largely confirmed our stand- Hindenburg
Hindenburg Research said the detailed response by Adani Enterprises on Sunday night to its accusations in an adverse report on the conglomerate last week 'largely confirmed' its findings and ignored key questions. The US activist short - seller further alleged that the group's responses lead the focus away from 'substantive' issues and instead stoked a 'nationalist narrative'.