Chennai, Feb 2 : The Adani Enterprises Ltd -- the flagship company of the Adani Group -- on Thursday said it is withdrawing the Red Herring Prospectus (RHP) filed with the Registrar of Companies (RoC) Gujarat. The move is a follow up to the company's decision on Wednesday not to proceed with its Rs 20,000 crore follow-on public offer and withdraw the RHP on account of 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. The offer agreement dated January 18, 2023 entered into by and amongst the company and the book running lead managers appointed for the Offer, namely, 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, for the purposes of the Offer has been terminated. According to Adani Enterprises, excluding the cash escrow and sponsor banks agreement dated January 18, 2023 entered into by and amongst the company, and ICICI Securities Limited, Jefferies India Private Limited, 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, Axis Bank Limited, ICICI Bank Limited, Investec Capital Services India (Private) Limited, SBI Cap Securities Limited, Elara Securities (India) Private Limited, JM Financial Services Limited and Link Intime India Private Limited, the other Offer related agreements entered into with various intermediaries to the Offer, including the Monitoring Agency Agreement dated January 17, 2023 entered into with CARE Ratings Limited, are in the process of being terminated. "Further, we wish to inform you that the company shall forthwith refund to the bidders the entire application bid amounts/ subscription amount received in the Offer in accordance with applicable law. In the event that there is a delay in making refunds beyond such period as prescribed under applicable law, the company shall pay the requisite interest to the bidders in the offer at such rate as prescribed under applicable law," the company said. /IANS