Billionaire Gautam Adani has said the FY23 financial results of the group companies are a testimony to their success despite the "targeted misinformation" in a short-seller's report.
The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, the chairman of the ports-to-mining conglomerate said in his address to shareholders in Adani Enterprises Ltd.'s annual report. The pace at which the group has made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of the expansion, he said.
Adani said the short seller report was a combination of targeted misinformation and outdated, discredited allegations, aimed at damaging the group's reputation and generating profits through a deliberate drive-down of stock prices.
Adani Enterprises decided to call off India's largest follow-on public offering after it was fully subscribed as the stock remained volatile after Hindenburg Research alleged "stock manipulation and fraud".
"Despite a fully subscribed follow-on public offering, we decided to withdraw and return the money to our investors to protect their interest," Adani said.
In May, a Supreme Court-appointed committee had said that volatility in Adani stocks after the Hindenburg Research report did not lead to any systemic risk. The panel "confirmed the quality of our group’s disclosures and found no instance of regulatory failure or any breach", Adani said. "While the SEBI is still to submit its report in the months ahead, we remain confident of our governance and disclosure standards".
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Gautam Adani Says Group Financials Now Healthier Than Ever Before - BQ Prime
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