India's Adani rides out storm as investors rally to $2.5-billion share sale

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India's Adani rides out storm as investors rally to $2.5-billion share sale
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The fundraising is critical for Indian tycoon Gautam Adani, who faces one of his biggest business and reputational challenges.

MUMBAI, India – Gautam Adani’s crucial $2.5-billion share sale was fully subscribed on Tuesday, January 31, as investors pumped funds into his flagship firm, despite aThe fundraising is critical for Adani, not just because it will help cut his group’s debt, but also because it is being seen by some as a gauge of confidence at a time when the tycoon faces one of his biggest business and reputational challenges.

By Tuesday, the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises employees remained low. That Adani group has said it complies with all laws and disclosure requirements, calling the report baseless and adding it is considering taking action against Hindenburg.

Hindenburg later said Adani’s “response largely confirmed our findings and ignored our key questions.”Asked about the Adani-Hindenburg saga, India’s chief economic adviser V. Anantha Nageswaran told reporters the “corporate sector as a whole has deleveraged and their balance sheets are healthy. So, what happens to one particular corporate group, is a matter between the market and the corporate group.

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