Indian Tycoons Bought Adani Shares During Short Seller Fight
- Sunil Mittal, Sajjan Jindal invested in Adani follow-on offer
- Adani has been rocked by a short seller attack since last week
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At least two of India’s biggest business families participated in Adani Enterprises Ltd.’s $2.5 billion share sale, according to people familiar with the matter, in a sign of solidarity with Gautam Adani as the tycoon fights short seller allegations that sent the value of his empire plummeting.
Tycoons Sajjan Jindal and Sunil Mittal subscribed to the follow-on offering in a last-minute push that helped Adani’s flagship firm complete the sale on Tuesday, said the people, who asked not to be identified as the information is not public.