Adani Group AGM 2023: Gautam Adani takes a dig at Hindenberg research report. Read full text here

livemint.com:

Dear Shareholders, When I founded the Adani Group over three decades back, I had never imagined that the Adani Group would grow to become one of the largest conglomerates in the country. It was on the 12th of September 1994 that Adani Enterprises, then known as Adani Exports, launched its IPO. I had just turned 32.

Today, as I reflect over the past years, I am grateful to so many, who have enabled your company to come this far. While our true ambitions still lie ahead of us – when we make time to look back – we also realize how much ground we have covered over the past 30 years. Along this journey, if there is one characteristic that has continued to define us – it has been our resilience.

As all of you are aware, on the eve of our Republic Day this year, a US-based short-seller published a report to short our stocks just as we were planning to launch the largest Follow-on Public Offering in India’s history. The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015. They were all settled by the appropriate authorities at that time.

This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices. Subsequently, despite a fully subscribed FPO, we decided to withdraw and return the money to our investors to protect their interests. While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller.