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Adani group to review capital raising after $2.5 bln share sale“s withdrawal -chairman

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Indian billionaire Gautam Adani addresses delegates during the Bengal Global Business Summit in Kolkata, India April 20, 2022. REUTERS/Rupak De Chowdhuri

India’s Adani group will review its capital raising plan once the market stabilises, chairman Gautam Adani said, after flagship Adani Enterprises (ADEL.NS) withdrew a $2.5 billion share sale citing the need to insulate investors from potential losses.

Adani Enterprises late on Wednesday called off the share sale as a rout sparked by a U.S. short-seller’s criticisms wiped billions more off the value of the Indian tycoon’s stocks.

In a video address on Thursday, Adani said the ports-to-airports conglomerate’s cash flow has been “very strong” and that it has an “impeccable track record” of fulfilling debt obligations.

On the withdrawal of the offer, he said the interest of investors was the chief consideration for the move.

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