Adani Pulls Off $2.5 Billion Share Sale After Jump in Final Bids
- Billionaire’s flagship sought to raise funds in follow-on sale
- Group has been rocked by a short seller’s allegations of fraud
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Beleaguered Indian tycoon Gautam Adani got a reprieve Tuesday by pulling off a closely watched $2.5 billion share sale, defying odds after a short seller’s allegations of corporate malfeasance erased more than a quarter of his group’s market value.
The offering by Adani Enterprises Ltd. — India’s largest follow-on share sale — was fully subscribed on the final day, aided by a last-minute surge in demand from largely existing shareholders and institutional investors. Retail investors, whom Adani was hoping to court, showed little interest.