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The Times of India
The Times of India
Business
TIMESOFINDIA.COM

'Going ahead not morally correct': Adani Enterprises calls off Rs 20,000 crore FPO, to return money to investors

Adani Enterprises Gautam Adani New Delhi

NEW DELHI: Billionaire Gautam Adani-led group's flagship firm Adani Enterprises on Wednesday decided to scrap its follow-on public offer (FPO), a day after it was fully subscribed.

In a regulatory statement to the bourses, Adani Group said that it has decided not to proceed with FPO in the interest of its subscribers.

"Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," Adani Group said in its official release.

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