The closely watched US$2.5 billion share sale launched by Asia's richest man, Gautam Adani, was fully subscribed on Tuesday, bucking expectations after a turbulent week in which the conglomerate's shares plunged in a tussle with a U.S. short-seller.
Before trading closed on Tuesday, over 100% of shares in the Indian group's flagship Adani Enterprises was subscribed, according to Bombay Stock Exchange. While some Adani-linked shares went up, three were still down between 5% to 10%.
Adani, 60, has since slid on Bloomberg's Billionaire Index from being the world's third richest person to the 11th, as his net worth shrank more than $30 billion to an estimated $84 billion. The short-selling firm said its report followed a two-year investigation. Most of the allegations involved concerns about the group's debt levels, activities of top executives, use of offshore shell companies to artificially boost share prices and past investigations into fraud. It listed 88 questions for the group to answer.
Hindenburg responded by saying Adani had answered only 26 of its 88 questions and failed to address many of the issues it raised.
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