Undone: Adani Enterprises calls off Rs.20,000-Cr FPO

Adani Enterprises has cancelled its Follow-On Public Offering (FPO) and will return money to investors amid ongoing controversy after the US-based short seller, Hindenburg Research, accused the company of using tax havens and flagged debt concerns in a report. The FPO involved sale of INR 20,000 crore worth of shares of face value INR 1 each on a partly paid-up basis. It was fully subscribed on the last day.