Adani pulls through with $2.5 billion share sale amid a stock-market storm sparked by Hindenburg’s fraud allegations

• Billionaire Gautam Adani successfully completed the $2.5 billion share sale of his flagship company on Tuesday, per Bloomberg.
• The stock offering became a crucial confidence test after a short-seller report triggered a massive rout in Adani group stocks. 
• The sale pushed through thanks to late institutional bids, while retail participation remained weak, according to Bloomberg.

India’s embattled Adani Group pulled through with the $2.5 billion share sale of its flagship company even after the conglomerate faced a market rout amid fraud allegations by a short seller.

The offering by Adani Enterprises, the country’s largest follow-on share issue, was fully subscribed Tuesday, thanks to some late bids from institutional investors, Bloomberg reported. Demand from retail buyers remained poor, according to the report, following a massive selloff in Adani companies over the past week.