CHENNAI: The Adani Enterprises Ltd, the flagship company of the Adani Group, on Thursday said it is withdrawing the Red Herring filed with the Registrar of Companies Gujarat.

The step is a follow-up to the conglomerate's decision on Wednesday not to proceed with its Rs 0,000 crore FPO and withdraw the Red Herring prospects due to the prevailing market conditions.The company said owing to the extreme volatility in the company's stock price, other commercial and strategic considerations, and to protect the interest of the investors it is withdrawing the follow-on public offer.

ICICI Securities Limited, Jefferies India Private Limited, Axis 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 entered into the offer agreement dated January 18, 2023 between the company and the book running lead managers appointed for the offer.

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, and Axis Bank Limited are the parties to a cash escrow and sponsor banks agreement dated January 18, 2023, said the Adani Enterprises.

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