Adani Enterprises withdraws RHP, cancels agreements with various parties

• The move follows the company’s decision on Wednesday not to proceed with its Rs 20,000 crore follow-on grant offer
• Due to the extreme volatility of the company’s share price, it withdraws the public follow-up offer to protect the interests of the investors.
• The company is withdrawing the RHP due to prevailing market conditions.

Adani Enterprises Ltd – the flagship company of the Adani Group – said on Thursday that it is withdrawing the Red Herring Prospectus (RHP) filed with the Registrar of Companies (RoC) Gujarat.

The move follows the company’s decision on Wednesday not to proceed with its Rs 20,000 crore follow-on offer and withdraw the RHP due to prevailing market conditions.

The company said due to the extreme volatility of the company’s share price and other commercial and strategic considerations, in order to protect the interests of the investors, to withdraw the follow-up offer.

The offer agreement dated January 18, 2023 entered into by and between the company and the book-running lead managers appointed for the Offer, namely ICICI limited effectsJeffrey India Private limitedAxis Capital Limited, BOB Capital Markets Limited, Elara Capital (India) Private Limited, IDBI Capital Markets and Securities Limited, JM Financial Limited, Monarch Networth Capital Limited, SBI Capital Markets Limited and IIFL Securities Limited for the purpose of the Offer.

According to Adani Enterprises, excluding the January 18, 2023 cash escrow and sponsor bank agreement entered into by and between the company, and ICICI Securities Limited, Jefferies India Private Limited, Axis Capital Limited, Bob Capital Markets Limited, Elara Capital (India) Private Limited, IDBI Capital Markets & Securities Limited, IIFL Securities Limited, JM Financial Limited, Monarch Networth Capital Limited, SBI Capital Markets Limited, Axis Bank Limited, ICICI Bank Limited, Investec Capital Services India (Private) Limited, SBI Cap Securities Limited, Elara Securities ( India) Private Limited, JM Financial Services Limited and Link Intime India Private Limited, the other agreements relating to the Offer entered into with various intermediaries for the Offer, including the Monitoring Agency Agreement dated 17 January 2023 entered into with CARE Ratings Limited, be terminated.

“Furthermore, we would like to inform you that the Company will promptly refund the bidders the full tender/subscription amounts received in the Offer in accordance with applicable law. In the event that there is a delay in making refunds after a period as prescribed by applicable law, the Company will pay the required interest to the bidders in the Offer at a rate as prescribed by applicable law,” the Company said.

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