Adani Enterprises has decided not to proceed with its fully subscribed Follow-on Public Offer (FPO), the conglomerate said in a statement late on Wednesday, hours after the shares of the firm nosedived 28.45% to close at ₹2,128.70 on the BSE. Adani Greens too witnessed over 30% price fall in its share price.
Sources suggest that in order to be transparent with its shareholder, Adani Group has decided to rename Adani Greens to Adani Red. “This will be morally incorrect to keep the name Adani Greens when it is all red. Once we are back in green we will rename it back to Adani Greens” said the CEO of Adani Greens (now Adani Red), Vineet Jain.
Finance Expert, Yogendra Yadav has suggested Gautam Adani to start fund raising activity with him and the collection can be shared equally as Yogendra Yadav can help him raising funds. Yogendra Yadav isn’t the first one to offer help to Gautam Adani, Saket Gokhale too has offered financial tips to Gautam Adani. Reportedly, Saket Gokhale has suggested Future and Options to Gautam Adani in Adani Group companies.