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Home›Price Discovery›Four foreign funds in the spotlight for skewed investments in Adani group companies

Four foreign funds in the spotlight for skewed investments in Adani group companies

By Merry Smith
June 14, 2021
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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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