U.S. short seller Hindenburg Research is taking aim at Gautam Adani and his $230 billion infrastructure-focused empire. The investor’s recent successes will make India sit up. But its chosen target is larger and trickier, writes ugalani
in recent months and years. The most immediate question for India Inc is whether the Securities and Exchange Board of India will allow Adani to proceed collecting orders for a $2.4 billion equity issue, the largest by an Indian non-state-controlled company wherein the top owner won’t subscribe.
Adani group said in a statement it was shocked that Hindenburg had published a report without making any attempt to contact them and dismissed the report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts”.
Adani Enterprises, controlled by India’s richest man, Gautam Adani, is due on Jan. 25 to announce the anchor investors in a 200 billion rupee follow-on issue, the largest in India by a private company. The shares will price between 3,112 rupees and 3,276 rupees each, with a discount of 64 rupees per share given to individual retail investors. Adani shares were trading at 3,348 rupees at 0730 GMT on Jan. 25.Opinions expressed are those of the author.
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