Adani Group Says Hindenburg Report Aimed At Damaging Flagship Firm's FPO
The report "clearly betrays a brazen, mala fide intention to undermine the group's reputation", says Adani Group CFO.
Adani Group, on Wednesday, rejected Hindenburg Research's report alleging fraud, and said it shows an intention to damage the upcoming follow-on public offer of Adani Enterprises Ltd.
"We are shocked that Hindenburg Research published a report on Jan. 24, 2023, without making any attempt to contact us or verify the factual matrix," Group Chief Financial Officer Jugeshinder Singh said in a statement on Wednesday.
Singh said the report is a "malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts".
The report, which came ahead of the follow-on public offering of Adani Enterprises Ltd. on Jan. 27, "clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the upcoming follow-on public offering from Adani Enterprises, the biggest FPO ever in India", Singh said.
The investor community has always reposed faith in the group, based on detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies, Singh said.
"Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests."
The group, Singh said, has always been in compliance with all laws, regardless of the jurisdiction, while maintaining the highest standards of corporate governance.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.