MUMBAI: Refuting reports about change in schedule of Follow-on Public Offer, Adani Enterprise on Saturday said there is no plan to either extend the closing date or change the issue price of the ongoing FPO.“There is no change in either the schedule or the issue price,” Adani Enterprises (AEL) in a statement. “All our stakeholders including bankers and investors have full faith in the FPO. We are confident about the success of the FPO,” it said.
Company’s statement came after reports speculating about change in schedule of FPO. The reports said the bankers on the FPO are considering extending its closing date or slashing the issue price. The FPO, which opened on January 27, will conclude on January 31.
Hit by the report of US-based Hindenburg Research released on January 24, which raised concern about Adani Group’s mounting debt and alleged irregularities, the shares of AEL have fallen sharply. Shares of the company closed at Rs 2,761.45 apiece on January 27, which is below Rs 3,112-3,276 per share price band of the Rs 20,000 crore FPO. Index provider MSCI has also sought information from the company. The index provider said it is aware of the reports recently published regarding the Adani group and associated securities.
“MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes,” it said in a statement.
The index provider said it welcomes timely feedback from market participants on these issues. At present, there are eight Adani group & associates companies which are the part of MSCI Standard Index.Market experts believe any adverse feedback may lead to a reduction in weightage or even exclusion of Adani stocks from the MSCI index.