Congress takes a dig at Gautam Adani, speaking like 'prime mentor'
The Congress has been alleging that Prime Minister Modi and his government have been favouring the Adani group in various sectors
The Congress party took a dig at Adani Group chairman Gautam Adani after the billionaire shared an emotional message for investors on Thursday.
The Congress has been alleging that Prime Minister Narendra Modi and his government have been favouring the Adani group in various sectors.
On Thursday, a day after deciding not to go ahead with the fully subscribed Follow-on Public Offer (FPO) of Adani Enterprises, the conglomerate chairman said it would not be "morally correct" to go ahead with the ₹20,000-crore share in the current market condition.
"After a fully subscribed FPO, yesterday's decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO," Adani said in his address to investors.
The billionaire said in his humble journey of over four decades as an entrepreneur, "I have been blessed to receive overwhelming support from all stakeholders, particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them. I owe all my success to them."
"For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO," he said.
This decision, he said "will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects."
"The fundamentals of our company are strong. Our balance sheet is healthy and assets, robust. Our EBITDA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long-term value creation and growth will be managed by internal accruals," Adani said.
"Once the market stabilizes, we will review our capital market strategy," he added.
"We have a strong focus on ESG and every business of ours will continue to create value in a responsible way. The strongest validation of our governance principles comes from several international partnerships we have built across our different entities," Adani said.
"I take this opportunity to thank our investment bankers, institutional investors, and shareholders from within and outside the country for giving unflinching support to the FPO."
Thanking investors, he said, "Despite the volatility in the stock over the last week your faith and belief in the company, its business, and its management has been extremely reassuring and humbling."
Shares in the flagship firm of Adani plunged 10% at the open on Thursday after it cancelled a multibillion-dollar share sale overnight.
The stock sank to 1,915.85 rupees, price data from the Bombay Stock Exchange showed, triggering an automatic trading halt.
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