Three foreign portfolio investors, registered in Mauritius, were the cause of much pain for Adani Group companies in which they are heavily invested.
The three foreign portfolio investors—APMS Investment Fund Ltd., Cresta Fund Ltd. and Albula Investment are registered out of the Republic of Mauritius—have 90% or more of their portfolio invested in the Adani group companies since fiscal 2016-17, data available on Bloomberg show.
Accounts of the three FPIs were shown as frozen on the National Securities Depository Ltd., said an Economic Times report causing sharp falls in shares of Adani Enterprises Ltd., Adani Ports & Special Economic Zone Ltd., Adani Total Gas Ltd., Adani Green Energy Ltd., Adani Power Ltd. and Adani Transmission Ltd.
The three funds were not immediately available to comment. But Adani Group, in a statement to the stock exchange, said that its “registrar and transfer agents has confirmed via email on June 14 that the demat accounts of these three funds are not frozen”.
NSDL didn’t respond to BloombergQuint queries.
The three funds together hold nearly Rs 42,000 crore in various listed companies of the Adani Group.
APMS Investment Fund
The current market of this fund is Rs 15,257 crore, according to Bloomberg. Of the total holdings, 99.10% is in four Adani companies—Adani Green Energy Ltd., Adani Total Gas Ltd., Adani Transmission Ltd. and Adani Enterprises Ltd.
APMS Investments sold shares of Adani Green and bought additional shares in Adani Transmission during the quarter ended March.
Cresta Fund
With total assets worth at Rs 13,500 crore at current market prices, 89.2% of portfolio is invested in Adani Transmission and Adani Enterprises.
Cresta Fund pared some of the holdings in Adani Enterprises, while it added to its holdings in Adani Green Energy and Adani Transmission in the fourth quarter of FY21, according to Bloomberg.
Albula Investments
With a current market of Rs 15,582 crore, 94.3% of the portfolio is invested in Adani Green, Adani Total Gas, Adani Transmission and Adani Enterprises.
Albula Investment Fund booked profits in Adani Transmission, Adani Green Energy and Adani Enterprises in the quarter ended March.
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