Bankers on Adani ₹20,000-crore share sale consider delay, price cut after stocks plunge
The Hindu
On first day of retail bidding on Friday, the issue was subscribed around 1%, raising concerns over whether it would be able to proceed.
Bankers on the $2.5 billion share sale of India's Adani Enterprises are considering extending the sale or cutting the issue price after shares plunged on a U.S. short seller's report, said three people familiar with the deal.
Among the options the bankers are considering are to extend the Tuesday closing date for the subscription of the issue by four days, the sources told Reuters on Saturday.
Seven listed companies of the conglomerate controlled by one of the world's richest men, Gautam Adani, have lost a combined $48 billion in market value since Hindenburg Research on Tuesday flagged concerns about debt levels and the use of tax havens.
The Adani Group has called the report baseless and said it was considering taking action against Hindenburg.
Friday's 20% fall in shares of group flagship Adani Enterprises dragged it 11% below the minimum offer price of the secondary sale. On first day of retail bidding on Friday, the issue was subscribed around 1%, raising concerns over whether it would be able to proceed.
"Everyone was shocked. They did not expect such a poor response," one source said.
Adani Group did not immediately respond to a request for comment.
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