Investors had placed orders for about 100% of the total shares on sale in the follow-on offering by Adani Enterprises Ltd. shortly before the close of the equity market in Mumbai on Tuesday.
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The stakes were high for Adani, who has already suffered one of the world’s biggest-ever declines in personal wealth. A successful deal would show he still has the ability to attract investors with bold expansion plans in industries ranging from green energy to ports and e-commerce. Failure would be a major blow to the tycoon’s prestige and heighten concerns about the conglomerate’s debt load.
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“Now that Adani’s FPO is out of the way, investors’ focus may start shifting back to India growth story,” said Sumeet Rohra, a fund manager at Smartsun Capital Pte. in Singapore.
