At least 4 foreign funds are in the limelight for their biased investments in Adani group companies. Elara India Opportunities Fund, Albula Investment, APMS Investment and Cresta Fund have invested in a number of publicly traded companies in addition to Adani group companies.

However, the value of their holdings in Adani Group shares is between 94.7% and 98%, raising eyebrows on their investment decisions. Albula, APMS and Cresta are registered as REITs under Category I with Sebi. The registered address for all three funds is on Edith Cavell Street Port Louis, Mauritius.

The group said the 3 funds had been investors for more than a decade and their stake in other companies in the group was due to spinoffs. However, a large part of the 25% of the public float comes from funds such as Elara, Albula, LIC, Opal, APMS and Cresta. As a result, market experts claim that the actual free float is low, potentially hampering the discovery of fair prices.

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