MANAGEMENT

Adani pulls US$2.5B share sale

CARMICHAEL coal mine developer Adani Enterprises has cancelled its US$2.5 billion share issuance after a critical report by the Hindenburg Research group had $92 billion wiped from Adani’s market capitalisation.

Adani Enterprises was seeking to raise billions to pay debt and fund its pipeline of projects.

Adani Enterprises was seeking to raise billions to pay debt and fund its pipeline of projects.

Hindenburg stated in its report that Adani had committed "brazen stock manipulation and accounting fraud". It also alleged a "vast labyrinth of offshore shell entities" ultimately owned by the Adani...

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