Know about Adani’s CFO Jugeshinder Singh?

07:32 PM Jan 31, 2023 IST | Ground report

The Adani Group has accused Hindenburg Research of failing to conduct proper research and of ‘copying and pasting’ the company’s disclosures. Adani Group CFO Jugeshinder Singh said that they either did not do a proper investigation or did a proper investigation but misled the public.

The Securities and Exchange Board of India (SEBI) may claim that a certain investor suffered financial loss as Hindenburg Research relies on lies, according to Adani Group CFO Jugeshinder Singh.

The share price, which has fallen since the Hindenburg report, Singh said, is highly sensitive to retail investors.

‘But for long-term institutional investors, long-term strategic investors and non-family offices, while there might be a volatility issue, it doesn’t change the value of Adani Enterprises to them,’ he added.

Singh also said that a total of 40 lakh retail applications have been received for the FPO and as of now, strategic institutional and long-term investors are key underwriters of the issue.

‘FPO is a three-part process and we deliberately selected FPO because we wanted to achieve certain results: broad institutional participation, greater analyst coverage and greater retail participation.’

‘In the current situation, due to the volatility on Friday, the price is below the retail target price. We’ll wait and see how retail participation fares, but long-term investors view the value of Adani Enterprise differently. So Therefore, they are fully committed to the FPO and we have no information on any change in that regard,’ Singh said.

“Therefore, we are moving forward because we believe that with our institutional and strategic footing, the offering will be fully subscribed. We have clarified that we are processing the FPO normally. The reason for this confidence is that long-term investors look to the value of AEL”, added the CFO of the Adani Group.

Who is Jugeshinder Singh?

Robbie Singh has over 16 years of global investment banking experience in Australia, New Zealand, North America, Europe and Asia. BSc in Engineering, Punjab University and Postgraduate Diploma in Applied Finance, Bond University

Robbie’s experience includes all aspects of mergers, acquisitions, strategy, finance and risk, with a particular focus on listed and unlisted infrastructure funds.

Prior to joining Adani, Robbie worked in investment banking with a focus on infrastructure, regulated assets and structured finance for Merrill Lynch, Macquarie Bank and Commonwealth Bank of Australia.