Adani Enterprises decided not to go-ahead with its fully subscribed Follow-on Public Offer (FPO), with the Group chairman Gautam Adani stating on Thursday that it would not be "morally correct" to go ahead with the Rs 20,000-crore share in the current market condition.
Calling it a morally correct step, Gautam Adani said in a statement that the board took the decision to withdraw the FPO considering the volatility of the market.
The release added this is the second investment deal International Holding Company has completed with India's Adani Group after last year's USD 2 billion investment