The offering by Adani Enterprises – India’s largest follow-on share sale – was fully subscribed on the final day, aided by a last-minute surge in demand from largely existing shareholders and institutional investors. Retail investors, whom Adani was hoping to court, showed little interest.cast a shadow over the offering, it’s unlikely to fully dispel investor concerns about the conglomerate’s corporate governance.
The short seller’s attack has come at a pivotal moment for the Adani Group, which has been diversifying into everything from green energy to media, with ambitious expansion plans from Israel to Morocco and Sri Lanka. The growth has been largely fuelled by debt, which according to the group, stood at a net 1.6 trillion rupees . A surge in share prices helped add more than $40-billion to Adani’s personal wealth last year, according to the Bloomberg Billionaires Index.
As a result of the short seller’s report, the finances of the group are in focus now. India’s market regulator met with ratings agencies in recent days to discuss the Adani Group companies,reported separately. But there’s been no suggestion the conglomerate would struggle to make debt payments or that the meeting with ratings agencies is more than routine dialogue.
Failure to meet the fundraising goal would have been a major blow to Adani’s prestige and would have heightened concerns about the conglomerate’s debt. The turmoil also prompted the Adani Group to put up millions of dollars worth of shares to maintain its collateral cover on a $1-billion loan,
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Adani companies lose $65bn in value amid feud with US short-sellerIndian group Adani, locked in battle with Hindenburg Research, hits back at report that raised concern about its debt and the use of tax havens
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