Adani Enterprises Limited has withdrawn its FPO (follow on public offer) a day after it was fully subscribed.

The company gave this information in a statement.

The company said in a statement, "Keeping in mind the volatility in the market, it has withdrawn the Follow Public Offer (FPO) and will return the investors' money."

Gautam Adani, chairman of Adani Enterprises, said in a statement, "Today the market has been unpredictable and our stock price has fluctuated throughout the day. In these extraordinary circumstances, the company's board felt it would not be ethically correct to proceed." The interest of the investors is paramount and therefore to protect them from any possible loss, the Board has decided not to go ahead with the FPO." 

The company said that its future plans will not be affected by this decision.

The company said that our balance sheet is in very good condition and our track record in terms of repayment of loans has been impeccable.

Gautam Adani has thanked the investors for showing their support towards the FPO as the subscription was successfully closed on Tuesday.

"Your confidence in the company is reassuring, despite the volatility in the stock over the past week," he said.

Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

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