The stock market meltdown for Adani Group is a dramatic setback for Gautam Adani whose stunning rise came with over 1,500% gains in some of his group stocks over three years, making him the world's third richest man before he slipped to Forbes' rank eight
at the planned issue price, even as sources said bankers of the country's largest secondary share sale were considering extending the timeline beyond Jan. 31, or tweaking the price due to the fall in its share price.Indian billionaire Gautam Adani addresses delegates during the Bengal Global Business Summit in Kolkata, India April 20, 2022.
LIC took 5% of the $734 million anchor portion. It already holds a 4.23% stake in the flagship Adani firm, while its other exposures include a 9.14% stake in Adani Ports and 5.96% in Adani Total Gas. "Since we are a large investor we have the right to ask relevant questions," LIC Managing Director Raj Kumar said.U.S. dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week with the bond maturing in August 2027 down 5 cents to 73.03 cents, the lowest since June 2020. Other dollar denominated bonds of the group were also trading lower.
Index provider MSCI has said it was seeking feedback from market participants on Adani and was monitoring the factors that "may impact the eligibility of those relevant securities" in MSCI indexes. In its response on Sunday, Adani highlighted its relationships with local and international banks and its access to diverse funding sources and structures, listing U.S. banks Citigroup
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