A spooked LIC, shares in free fall forced Gautam Adani’s hand

After withdrawing the Rs 20,000 crore FPO, his coal-to-ports conglomerate now faces a funding crisis.

India’s largest follow-on public offer to raise Rs 20,000 crore (about $2.4 billion) was cancelled on Wednesday evening, a day after Adani Enterprises managed to close the offer successfully, with global funds and family offices pitching in with generous investments. The Adani group flagship said it would return investors their money.

Chairman Gautam Adani cited the “current market volatility” for the sudden decision, and   insisted it was taken to protect investors. “Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue would not be morally correct. The interest of the investors is paramount and hence …


Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.





Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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