Adani Group CFO Replies To Hindenburg’s Allegations, The Rs 20,000 Crore FPO & More

Of the many turns that the Adani vs Hindenburg saga took, here is another one. In a conversation with CNBCTV18, the Chief Financial Officer (CFO) of the Adani Group, Jugeshinder Robbie Singh has replied to Hindenburg Group’s allegations, the Adani FPO and more. 

Since the Rs 20,000 crore FPO faced tricky waters due to the allegations by Hindenburg Research, the Adani CFO has clarified to the media house that the company is confident of the FPO’s success. He said that the Adani Enterprises FPO will go ahead with the same conditions. “All our stakeholders including bankers and investors have full faith. There is no change in either the schedule or the issue price.”

Further, calling the Hindenburg Research report a “malicious step to derail the Adani FPO,” the CFO told the media house that the company expects MSCI to also conclude that the Hindenburg report is nothing but malicious. He also adds, “We were asked 88 questions and we have answered all of them. No research was involved in 68 of the questions put out in the Hindenburg report.”

Much before the Adani Enterprises released its official 413-pages long response to Hindenburg’s allegations, rumours were rife that the company may explore some legal options. As the research company also responded to claims of legal action, the Adani Group also told media, in a statement, that the company was looking at all possible options of a speedy remedy.

On this, the CFO told the media house, “Hindenburg Research has misrepresented the facts. Our legal counsel is evaluating everything and what conclusion our legal review reaches, we will know only after some time….But damage has occurred in India and people need to be brought to justice. This is a matter for our legal advisors to pursue.”