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☆ Carl Icahn, Activist Investor, Becomes Target of Short Seller
▼ + stars: | 2023-05-03 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Over nearly a half-century, Carl Icahn has shaken up Wall Street as a corporate raider and activist shareholder, making corporate titans bow down to his demands and change their business strategies. But on Tuesday, his publicly traded company, Icahn Enterprises, became a target of Hindenburg Research, the short seller firm that has made its name in recent years by taking on the Indian tycoon Gautam Adani and the Twitter co-founder Jack Dorsey. Hindenburg accused Icahn Enterprises of being overvalued. The company trades well above its net asset value, unlike similar financial vehicles run by William A. Ackman and Daniel S. Loeb. “Icahn has been using money taken in from new investors to pay out dividends to old investors,” Hindenburg wrote in a public report.

☆ The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. The short seller has also targeted Adani Group and payments company Block this year. Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, unveiled its short position against Icahn Enterprises on Tuesday. Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. Icahn Enterprises did not immediately respond to Insider's request for comment.

MUMBAI, NEW DELHI, April 29 (Reuters) - India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's Adani group, according to a court document seen by Reuters. SEBI and the Adani group did not immediately respond to a Reuters request for comment. The Supreme Court asked the regulator to conduct an inquiry into Adani after U.S.-based short-seller Hindenburg Research raised concerns around its governance practices in a January report. In its application, the regulator said it needed more time "to conduct a proper investigation and arrive at verified findings". The regulator said that it had received information from several Adani group entities.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ India's Adani Ports starts $130 mln buyback of debt securities
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

April 24 (Reuters) - India's Adani Ports and Special Economic Zone (APSE.NS), a group company of the beleaguered Adani Group, said on Monday it has started a buyback programme of certain debt securities to partly prepay near-term loans due in 2024. Adani Ports said in an exchange filing that it has floated a tender of up to $130 million in outstanding debt, as it tries to boost investor confidence after the group's shares were pummelled earlier this year by a U.S. short-seller's report. The Economic Times first reported on Monday, citing sources, that the Adani Group plans to buy back foreign currency bonds of various group companies, starting with a $650-million tranche at its ports unit. Adani Group did not immediately respond to a Reuters' request for comment on its buyback plans. Shares and bonds of Adani Group have regained some lost ground over the past month or so after it repaid some debt and attracted a $1.9 billion investment from boutique investment firm GQG Partners.

☆ India's Reliance, Adani among 49 bidders for debt-ridden Future Retail
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

Reliance Retail, part of Ambani's Reliance Industries Ltd (RELI.NS) as well as April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Gautam Adani-led Adani Airport Holdings, have submitted expressions of interest (EoIs), an exchange filing by Future Retail showed. Other entities that have submitted EOIs include London-based retailer WH Smith (SMWH.L), a consortium led by U.S.-based restructuring firm Gordon Brothers, J.C. Flowers Asset Reconstruction, India's Jindal Power, and individual investor Harsha Vardhan Reddy. Reliance Retail, Jindal Power, J.C. Flowers, WH Smith and Gordon Brothers did not immediately respond to emails seeking comment.

☆ India’s Gautam Adani Wants to Redevelop Giant Slum From ‘Slumdog Millionaire’
▼ + stars: | 2023-04-06 | by ( Shefali Anand | ) www.wsj.com time to read: 1 min

MUMBAI—Billionaire Gautam Adani has become India’s largest airport operator. He runs coal mines and the country’s largest private port. Now he has set his sights on a massive redevelopment of India’s most iconic slum. Dharavi, a slum in the center of Mumbai, gained international fame after being featured in the 2008 Oscar-winning film “Slumdog Millionaire.” It was well known to many Indians long before that, and the city of Mumbai has had plans to replace its shanties with gleaming high-rises for nearly 20 years.

☆ Adani trumpets stable ties to global banks in bid to ease investor worries, document shows
▼ + stars: | 2023-04-05 | by ( Aditya Kalra | ) www.reuters.com time to read: +3 min

The document, which was reviewed by Reuters, did not elaborate on how the lenders reaffirmed their commitment to the Adani group. Adani group did not respond to a request for comment. Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T), Sumitomo Mitsui Financial Group Inc's (8316.T) SMBC unit, Mizuho Financial Group (8411.T), Standard Chartered (STAN.L) and Deutsche Bank (DBKGn.DE) did not immediately respond. CONCERNS ABOUT DEBTThe Hindenburg report had sparked concern among investors about banks' exposures to the Adani group. Now, 39% of Adani's debt is currently in the form of bonds, 29% is from global banks and 32% comes from public or private banks in India, the Adani document added.

☆ Rahul Gandhi to appeal jail sentence
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 2 (Reuters) - Indian opposition leader Rahul Gandhi will appeal a two-year jail sentence in a defamation case brought against him by lawmaker from Prime Minister Narendra Modi's Bharatiya Janata Party (BJP), local media reported on Sunday. A lower court sentenced Gandhi on March 23 for two years in jail on charges of defamation. The opposition critics accuse Modi government of giving undue favours to a business group led by billionaire tycoon Adani. Shares of Adani group companies plunged after Hindenburg Research on Jan. 24 alleged that the Indian company had engaged in stock manipulation and used tax havens. A day after Gandhi's conviction, 14 political parties jointly petitioned the Supreme Court, saying opposition groups were being selectively targeted by federal investigative agencies.

☆ Exclusive: India regulator probing some Adani offshore deals for possible rule violations-sources
▼ + stars: | 2023-04-01 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +4 min

An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. Vinod Adani could not be reached for comment. Hindenburg's report eroded more than $100 billion in the value of shares in Adani group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before.

☆ Adani shares tumble on report group seeking time to pay ACC, Ambuja debt
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 28 (Reuters) - Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC (ACC.NS) and Ambuja Cements (ABUJ.NS). The group's flagship firm, Adani Enterprises (ADEL.NS), slid nearly 8% to a near four-week low, while Adani Ports (APSE.NS) tumbled 9.2%. The Adani Group and lenders Standard Chartered, Barclays and Deutsche Bank did not immediately respond to Reuters' requests for comment. Whatever expansion plans announced by Adani Ports, Adani Enterprises, and even Adani Total, for the next two years will undergo delays," said Avinash Gorakshakar, head - research of Profitmart Securities. Since the Hindenburg report, Adani Group stocks have lost between 22% and 80%.

☆ Behind Adani Deals, an ‘Elusive’ Elder Brother
▼ + stars: | 2023-03-25 | by ( Shan Li | ) www.wsj.com time to read: 1 min

Adani Group has denied allegations by a short seller that it committed fraud or stock manipulation. Gautam Adani is the public face of Adani Group, the sprawling Indian conglomerate that has been accused by an American short-seller firm of stock manipulation and accounting fraud. Behind the scenes, another family member has played a pivotal role in the company—and the activities that critics say misled investors: his elder brother, Vinod Adani .

☆ India's disqualified Gandhi says he will not stop asking Modi questions
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, March 25 (Reuters) - Indian opposition leader Rahul Gandhi said on Saturday he had been disqualified from parliament because he has been asking the prime minister tough questions about his relationship with Gautam Adani, founder of the embattled Adani conglomerate. Gandhi, who represented India’s main opposition Congress party in parliament, lost his seat on Friday, a day after a court in the western state of Gujarat convicted him in a defamation case and sentenced him to two years in jail. The defamation case was filed in connection with comments Gandhi made in a speech that many deemed insulting to Prime Minister Narendra Modi. India's next general election is due by mid-2024 and Gandhi has recently been trying to revive the fortunes of his party. Modi’s enormous popularity remains intact despite the accusations of undue favours to the Adani group, approval ratings have shown.

☆ Twitter founder Jack Dorsey's net worth dropped by more than $500 million after US short seller Hindenburg targeted his payments company Block
▼ + stars: | 2023-03-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Jack Dorsey's wealth tumbled after Hindenburg Research targeted his payments company Block, per Bloomberg. The short seller alleged Block misled investors "with inflated metrics"Block's share price tumbled as much as 22% on Thursday on Hindenburg's report. Block's share price tumbled as much as 22% on Hindenburg's report before closing 15% lower at $61.88 apiece on Thursday. It said Hindenburg's attacks are designed "solely to allow short sellers to profit from a declined stock price." In 2020, Hindenberg accused electric truck maker Nikola of fraud, which also sent its share price slumping.

☆ The short seller who took on Adani and caused a $150 billion rout in the conglomerate's stock is releasing a new report — but it's not saying who's the next target yet
▼ + stars: | 2023-03-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Short seller Hindenburg Research teased it's releasing a new report. The research firm targeted the Adani Group in a January 24 report alleging manipulation and fraud. The research firm teased the upcoming report in a tweet on Wednesday, saying "New report soon — another big one." The report hit investor sentiment and sent Adani-related stocks into a tailspin, losing over $150 billion in about five weeks, according to Bloomberg. The Adani Group defended itself vigorously against Hindenburg's accusations, but the research firm also doubled down on its initial report.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Billionaire Charles Schwab's wealth plunged nearly $3 billion after his brokerage's shares were hammered amid the banking crisis
▼ + stars: | 2023-03-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Shares of Charles Schwab Corp fell sharply amid the collapse of Silicon Valley Bank. Investors are worried as Charles Schwab Corp is sitting on a significant amount of unrealized losses on its bond assets. Charles Schwab Corp — while best known for its discount brokerage business — also provides banking and loan services. Charles Schwab Corp even sought to soothe investor jitters in a statement on Monday, saying it has enough liquidity to weather any volatility. Charles Schwab Corp did not immediately respond to Insider's request for comment sent outside regular business hours.

☆ India's Adani prepays $2.15 billion share-backed loans
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31. Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd – for $10.5 billion, its largest-ever acquisition. Hindenburg's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied. Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported last week. Reporting by Baranjot Kaur and Jahnavi Nidumolu in Bengaluru; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Adani seeks to sell stake in Ambuja Cement for $450 mln to reduce debt - FT
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Gautam Adani is seeking to sell a stake in Ambuja Cement (ABUJ.NS) for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter. Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said. The Adani Group did not immediately respond to a Reuters request for comment. The embattled Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd (ACC.NS) – for $10.5 billion, its largest-ever acquisition. Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.

☆ GQG Partners likely to increase Adani investment, says founder
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 8 (Reuters) - GQG Partners would likely expand its investment in the Adani group, the fund firm's founder Rajiv Jain said on Wednesday, a week after its $1.9 billion infusion into the embattled Indian conglomerate. GQG Partners, co-founded by Jain in 2016, bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report in January sparked a stock rout. Last week, pension fund investor Cbus Super, with A$71 billion ($46.82 billion) under management, told Reuters they had queried GQG about the Adani purchase. A GQG spokesperson said Jain's trip had been planned for some time and the discussions included topics other than Adani. Jain said he has not had a conversation with the Adani group since the transaction.

☆ Adani fallout could have political implications for India in the longer term, economist says
▼ + stars: | 2023-03-08 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The fallout from the Adani Group turmoil could have political implications for India, said a chief Asia Pacific economist at Natixis. While corporate governance issues affect countries globally, what is different about the Adani case for India is that its "highly political," Alicia Garcia Herrero told CNBC's "Squawk Box Asia" on Tuesday. Indian billionaire founder Gautam Adani has been under scrutiny after allegations in January from U.S. short-seller firm Hindenburg Research that accused the Adani Group of companies of fraud. Adani, India's top industrialist, has since lost his crown as Asia's wealthiest man. However, the long-term political fallout for India remains to be seen, the economist said.

☆ India's Adani Group pre-pays over $900 mln worth share-backed financing
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a U.S.-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied. Promoters of the group's flagship firm, Adani Enterprises (ADEL.NS) will release 31 million shares, or a 4% stake, while Adani Ports' (APSE.NS) promoters will release 155 million shares, or an 11.8% stake, the group said in a statement. Promoters of Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS) will release 1.2% and 4.5% stakes in the respective companies. In a similar move, the group in February pre-paid $1.11 billion. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said.

☆ India's Adani Group pre-pays over $900 million worth share-backed financing
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 7 (Reuters) - Embattled Indian conglomerate Adani Group said it prepaid share-backed financing of 73.74 billion rupees ($901.16 million), as it looks to allay fears over leverage and debt since a U.S. short seller's critical report sparked a stock rout. Promoters of the group's flagship firm, Adani Enterprises (ADEL.NS), will release 31 million shares, or a 4% stake, while Adani Ports' (APSE.NS) promoters will release 155 million shares, or an 11.8% stake, the group said in a statement on Tuesday. Promoters of Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS) will release 1.2% and 4.5% stakes in the respective companies. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said. GQG's founder Rajiv Jain will meet clients and investors in Australia this week to explain its investment in the Adani group, the company said in a separate statement on Tuesday.

☆ GQG Partners' CIO Rajiv Jain on his Adani Group investment thesis
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGQG Partners' CIO Rajiv Jain on his Adani Group investment thesisSeema Mody speaks to GQG Partners CIO Rajiv Jain, who is betting on the embattled Indian industrialist Gautam Adani with a $1.9B investment.

☆ Embattled Adani Group receives a vote of confidence from U.S. asset manager
▼ + stars: | 2023-03-06 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022. Indranil Mukherjee | AFP | Getty ImagesIndia's embattled industrialist Gautam Adani received a much-needed vote of confidence from a well-respected U.S. asset manager ahead of a crucial bond roadshow that's underway. "Controversy is part of how you get better returns," Jain told CNBC in an exclusive interview. Jain's investment follows a massive decline in Adani's stock price amid criticism of the Indian firm's practices. Shares of Adani Enterprises and Adani Ports are up 66% and 23% over the past seven days, respectively.

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