Adani Group Says Hindenburg Report Aimed At Damaging Flagship Firm’s FPO

Adani Group, on Wednesday, rejected Hindenburg Analysis’s report alleging fraud, and stated it reveals an intention to wreck the upcoming follow-on public provide of Adani Enterprises Ltd.

“We’re shocked that Hindenburg Analysis printed a report on Jan. 24, 2023, with out making any try and contact us or confirm the factual matrix,” Group Chief Monetary Officer Jugeshinder Singh stated in an announcement on Wednesday.

Singh stated the report is a “malicious mixture of selective misinformation and off, baseless and discredited allegations which were examined and rejected by India’s highest courts”.

The report, which got here forward of the follow-on public providing of Adani Enterprises Ltd. on Jan. 27, “clearly betrays a brazen, mala fide intention to undermine the group’s popularity with the principal goal of damaging the upcoming follow-on public providing from Adani Enterprises, the most important FPO ever in India”, Singh stated.

The investor group has all the time reposed religion within the group, primarily based on detailed evaluation and reviews ready by monetary consultants and main nationwide and worldwide credit standing companies, Singh stated.

“Our knowledgeable and educated buyers are usually not influenced by one-sided, motivated and unsubstantiated reviews with vested pursuits.”

The group, Singh stated, has all the time been in compliance with all legal guidelines, whatever the jurisdiction, whereas sustaining the best requirements of company governance.

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