Gautam Adani’s $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship Adani Enterprises Ltd despite a scathing short-seller’s report that pummelled stocks in the Indian billionaire’s group. The follow-on public offering (FPO) is critical for Adani, not just because it will help cut the group’s debt, but because its success will be seen as a mark of investor confidence as he faces one of his biggest business and reputational challenges of recent times.
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