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Day after buying Haifa port, Indian tycoon Adani rocked by plunging stock price - The Times of Israel
Feb 02, 2023 57 secs
Citing a volatile market and an unprecedented situation, the Adani Group said in a statement it decided not to go ahead with its share sale — which was preliminarily sold out as of Tuesday — and will return the proceeds from the offering.

The firm announced the move a day after Adani visited the Haifa port he recently purchased, promising to continue investing in Israel despite his dire financial straits.

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.

In his statement Wednesday, Adani said the decision to scrap the share offering would not “have any impact on our existing operations and future plans,” adding that the group’s balance sheet was “very healthy” with strong cashflows and secure assets.

Adani companies operate airports in major cities, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil and run a media outlet.

Appearing alongside Prime Minister Benjamin Netanyahu on Tuesday, Adani said his group would revamp the port and boost Haifa’s economy, while literally remaking the city.

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