Gautam Adani's sensational comments on Hindenburg incidentBusiness News

June 24, 2024 15:21
Gautam Adani's sensational comments on Hindenburg incident

Addressing the shareholders at the Adani Group's Annual General Meeting in 2024, Gautam Adani acknowledged the challenges posed by a foreign short-seller's scathing report on the conglomerate. He emphasized that the group's unwavering commitment, trust in their capabilities, and steadfast purpose had enabled them to weather the storm. Despite the baseless accusations and the unprecedented attack on their integrity and reputation, the Adani Group persisted and emerged stronger, raising a substantial sum of Rs 40,000 crore. Adani underscored that the group's core values, established in 2012, had become increasingly relevant over the years, guiding them through this turbulent period. In contrast to typical short-sellers who aim to capitalize on financial market fluctuations, Adani asserted that the recent attack had a different motive – one focused on defaming the group and eroding their hard-earned market value.

The Adani Group found itself caught in a political storm, with a calculated attack launched just before the closure of their Follow-on Public Offer. Despite the media frenzy and the resulting plunge in their share prices, the company's leadership remained steadfast in their commitment to their investors and their ethical business practices. Undeterred, they made the bold decision to call off the Rs 20,000-crore FPO, returning the funds to their investors. This decision, they believed, was a testament to their dedication and their determination to safeguard their company's integrity. Furthermore, the Adani Group proactively bolstered their cash reserves, raising an additional Rs 40,000 crore to cover their debt repayment obligations for the next two years. This strategic move, they asserted, not only restored market confidence but also shielded their portfolio from any potential volatility by pre-paying Rs 17,500 crore in margin-linked financing. Through these decisive actions, the Adani Group demonstrated its resilience and its unwavering commitment to its stakeholders, even in the face of adversity.

The company's billionaire founder decided to cut his debt-to-EBITDA ratio to 2.5 times in just six months, even though he said he never had any problems repaying his debt. “We are now even lower at 2.2. This approach has not only strengthened our financial flexibility but also increased our scope for future expansion,” he told shareholders. He said the Supreme Court recognized and further approved the company's actions. Additionally, our commitment to operational excellence and transparent disclosure extends beyond rating agencies and the sophisticated financial community to companies such as GQG Partners, Total Energies, IHC, QIA and US Development Finance Corporation, which are recognized by the world's leading investors who have chosen to invest have, be recognized Remember: the same headwinds that have tested us have made us stronger.

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Gautam Adani  Hindenburg incident