Adani Enterprises decides not to go-ahead with FPO, money to be returned

Given the extraordinary circumstances, AEL's board felt that going ahead with the issue will not be morally correct

In a late night development, the Board of Adani Enterprises (AEL) announced that it has decided not to go-ahead with the fully subscribed Follow-on Public Offer (FPO). 

“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 Enterprises said in a statement to the exchanges.

Gautam Adani, Chairman, Adani Enterprises Ltd said, “The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday. Despite