The fundraising is critical for Adani, not just because it will help cut his group's debt, but also because it is being seen by some as a gauge of confidence at a time when the tycoon faces one of his biggest business and reputational challenges.
Bankers on the deal were considering extending the sale or cutting the issue price after shares of Adani plunged following a report from a US short seller, as per sources.
Kannur Urban Nidhi Limited is charged with duping more than 100 investors of crores with the promise of higher returns.
The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens, the group's lead head Jatin Jalundhwala said in a statement.
The number of complaints has crossed 100 and the likely amount defrauded is estimated to be in the range of Rs 150 crore.
The investment fraud had been on the run after reportedly duping investors of nearly Rs 150 crore.
So far nearly 250 investors have come out in the open against Rana.
Police have learned that Rana might have gone to Uttar Pradesh on his way to Nepal.
Taurus Investment Holdings, the Boston-based global real estate private equity investment and development firm, has joined hands with Asset Homes both as a joint venture partner and investor.
Investors feel Kerala-based startups have a poor understanding of market size, which, coupled with lack of ambition, has resulted in projection of disproportionate valuation by many founders.