[Watch] Gautam Adani Explains Why FPO Was Withdrawn: ‘Owe All My Success To Investors, Their Interest Is Paramount’

Mumbai: The morning after Adani Enterprises dropped a bombshell by withdrawing its fully-subscribed Rs 20,000 crore Follow-on Public Offer (FPO), Gautam Adani explained in detail the logic behind the decision of Adani Group’s flagship company.

“After a fully-subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But after seeing the volatility of the market yesterday, our Board strongly felt it would not have been correct to proceed with the FPO,” said Adani, Chairman of Adani Enterprises, in a video message on Thursday.

He went on to state that to him, nothing is more important than investors’ interest.

“In my humble journey of over 4 decades as an entrepreneur, I’ve been blessed to receive overwhelming support from all stakeholder, and particularly from the investor community. It’s important to confess that whatever little I’ve 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 the investor is paramount and everything is secondary. Hence to insulate the investors from potential losses, we’ve withdrawn the FPO,” he spelt out.

Adani went on to assure investors and all stakeholders that this decision won’t have any impact on existing operations and future plans.

Watch the full clip released by Adani Group and shared on Twitter by ANI:

#WATCH | After a fully subscribed FPO, yday’s decision of its withdrawal would’ve surprised many. But considering volatility of market seen yday, board strongly felt that it wouldn’t be morally correct to proceed with FPO:Gautam Adani, Chairman, Adani Group

(Source: Adani Group) pic.twitter.com/wCfTSJTbbA

— ANI (@ANI) February 2, 2023