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☆ Exclusive: Indian market regulator examining Adani share rout, source says
▼ + stars: | 2023-02-01 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

[1/2] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. Spokespeople for Adani Group and SEBI did not immediately respond to a request for comment. The share plunge was sparked by a report by Hindenburg Research last week which alleged improper use by the Adani Group of offshore tax havens and stock manipulation. The source told Reuters the Indian market regulator is also looking into any possible price manipulation of Adani group stocks, as well as examining possible irregularities in the $2.5 billion share sale of the flagship firm Adani Enterprises (ADEL.NS), which concluded on Tuesday. On Wednesday, a day after the share sale closed, Adani Enterprises (ADEL.NS) plunged 28%, bringing its losses since the Hindenburg report to more than $18 billion.

☆ Gautam Adani calls off $2.5 billion equity sale as regulatory concerns grow
▼ + stars: | 2023-02-01 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

(Photo by Indranil MUKHERJEE / AFP) (Photo by INDRANIL MUKHERJEE/AFP via Getty Images)On Wednesday, Gautam Adani announced he's scrapping his firm's $2.5 billion equity sale. He withdrew the offering for shares in Adani Enterprises, the flagship of the Indian conglomerate Adani Group, after the stock tanked by nearly 30%. Adani Group has denied the allegations, saying they have "no basis" and stem from an ignorance of Indian law. Adani Enterprises' stock ended higher on Tuesday following news of the fully subscribed $2.5 billion offering. Investors woke up to an ugly picture on Wednesday when Adani Enterprise's stock plunged, falling by as much as 28% and prompting Adani to cancel his equity sale.

☆ Explainer: Adani vs Hindenburg: What you need to know
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. Hindenburg disclosed that it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report. The Adani group said that several of the CFOs that the Hindenburg report points to have remained within the group and moved on to new roles. The report says key listed Adani companies have substantial debt and are over-leveraged.

☆ Breakingviews: Short-seller attack raises Gautam Adani stakes
▼ + stars: | 2023-01-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 25 (Reuters Breakingviews) - Hindenburg Research is going after big game, with devastating timing. Now he is taking aim at the world’s third richest man, Gautam Adani, and his $230 billion infrastructure-focused empire. It follows a tussle last year with Fitch Group after its research outfit, CreditSights, called Adani “deeply overleveraged”. Most of the companies in the Adani group – nine of which are listed – are too closely held, massively overvalued, and largely ignored by Wall Street institutions and big Indian mutual funds. Adani Enterprises stock, for example, fell only 1.5% on Wednesday, though Adani Transmission fell 9%.

☆ Short-seller attack raises Gautam Adani stakes
▼ + stars: | 2023-01-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

Now he is taking aim at the world’s third richest man, Gautam Adani, and his $230 billion infrastructure-focused empire. It follows a tussle last year with Fitch Group after its research outfit, CreditSights, called Adani “deeply overleveraged”. Most of the companies in the Adani group – nine of which are listed – are too closely held, massively overvalued, and largely ignored by Wall Street institutions and big Indian mutual funds. Adani Enterprises stock, for example, fell only 1.5% on Wednesday, though Adani Transmission fell 9%. Adani Enterprises, controlled by India’s richest man, Gautam Adani, is due on Jan. 25 to announce the anchor investors in a 200 billion rupee ($2.4 billion) follow-on issue, the largest in India by a private company.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

☆ Exclusive: India regulator probes investments between Nippon Mutual Fund, Yes Bank, sources say
▼ + stars: | 2023-01-19 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +4 min

MUMBAI, Jan 19 (Reuters) - An Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors' money, sources said. SEBI's regulations say that the parent of a mutual fund cannot access investors' money either directly or indirectly. The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said. As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.9 trillion rupees ($35.46 billion) as well as the biggest foreign-owned mutual fund. On Friday, SEBI proposed further tightening of mutual fund regulations asking mutual fund owners to reduce their stake gradually as a measure to check their influence on investment decisions.

☆ Adani lifts payout for NDTV open offer to match payment to founders
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 3 (Reuters) - Adani Enterprises (ADEL.NS) said on Tuesday it will raise the amount it pays New Delhi Television Ltd (NDTV.NS) stockholders who tendered their shares in the conglomerate's open offer to match what it paid the news broadcaster's founders for their stake. Adani Enterprises said it will pay an additional 48.65 rupees per NDTV share to investors who sold their shares in an open offer between Nov. 22 and Dec 5, taking the payout to 342.65 rupees per share and matching what it paid NDTV founders Radhika and Prannoy Roy. About 5.3 million shares were tendered in the open offer, at 294 rupees per share, and Indian billionaire Gautam Adani now controls about 65% of NDTV after acquiring a 27.26% stake from the Roys last week, four months after launching his takeover. Founded in 1988 and owned by the husband-and-wife team, NDTV had said the takeover move "was executed without any input from, conversation with, or consent of the NDTV founders". Still, the founders sold a majority of their shares and retained only a 5% stake.

☆ India watchdog ire cools foreign banks’ ambitions
▼ + stars: | 2022-11-16 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India is bristling at the idea of foreign regulators inspecting its entities which settle trades in government bonds, foreign exchange and more. The higher costs will make the services of European Union and British banks in India uncompetitive, prompting clients to switch to other foreign or domestic banks. Bosses of smaller foreign banks already complain in private that their returns in India are lousy. The Reserve Bank of India, for example, could in theory strike a deal that sets boundaries on on-site visits, as Singapore has done. The Indian regulators include Reserve Bank of India, Securities and Exchange Board of India and International Financial Services Centres Authority, ESMA said.

☆ India's regulator bars Bombay Dyeing and others from securities market
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 22 (Reuters) - India's Bombay Dyeing and Manufacturing Company Ltd (BDYN.NS) has been barred by the country's capital market regulator from the securities markets for two years. The Securities and Exchange Board of India (SEBI) issued a statement late Friday barring Bombay Dyeing and its "promoters" (owners) - Nusli N Wadia and his sons, Ness and Jehangir - from the securities markets for up to two years. Four companies in the Wadia Group are listed on Indian Stock Exchanges, including Bombay Dyeing. The regulator said it had conducted a detailed investigation into the affairs of Bombay Dyeing from 2011-2012 and 2018-2019. The Wadia Group has been contacted for comment.

☆ India's Digit Insurance IPO kept on hold by markets regulator
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasMUMBAI, Sept 20 (Reuters) - India's markets regulator has kept an initial public offering from Digit Insurance on hold, according to a document on its website. The Securities and Exchange Board (SEBI) said the company's IPO was kept in 'abeyance', but did not offer any further explanation for the action. Reuters reported last month that the company, backed by backed by Canadian billionaire Prem Watsa's Fairfax Group, aimed to raise around $440 million through an initial public offering. read moreFounded in 2017, Digit is trying to expand its presence in general insurance by offering a better customer service including easier claim settlements. Register now for FREE unlimited access to Reuters.com RegisterReporting by Abhirup Roy in Mumbai, writing by Shilpa Jamkhandikar; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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