“It may please be noted that on account of non-availability of directors, the meeting of the board of directors is now cancelled,” the release said.
The next date of the meeting will be informed with a fresh notice, the company said.
The meeting was originally scheduled for May 10. The company had then rescheduled it to May 24.
Dalal Street was looking forward to it after two of the group companies – Adani Enterprises and Adani Transmission – announced raising Rs 12,000 crore through qualified institutional placement issue.
Meanwhile, in an interview to Bloomberg, NRI investor Rajiv Jain-led GQG Partners said it has increased its stake in Adani Group by about 10%.
In March, the firm took a brave contra bet by investing Rs 15,000 crore in 4 Adani companies when stocks were at the peak of the rout triggered by the Hindenburg report. “Within five years, we’d like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Jain told Bloomberg.
Shares of Adani Group companies have been on a run in the past few sessions after the Supreme court panel in its report last week said that there were no regulatory lapses with respect to the stock price manipulation in Adani stocks as alleged by US-based Hindenburg Research.
In just 3 sessions, shares of Adani Green Energy have gained about 15%. The stock has recouped all of the losses it incurred after the massive allegations by Hindenburg against the group.
From its 52-week low, hit in February, shares of Adani Green Energy have risen a whopping 114%.
The stock ended 5% higher at Rs 988.80 on the National Stock Exchange.
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