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☆ Adani's $2.5 billion share sale faces crucial day after rout
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

Adani Group has called the report baseless and said it was considering taking action against Hindenburg. 'FREE FALL'Some Adani Group stocks have surged more than 1,500% in the last three years amid aggressive expansion in businesses that include ports, power generation, airports and mining. Adani Enterprises has set a floor price of 3,112 rupees per share and a cap of 3,276 rupees for the secondary share sale - well above their close of 2,761.45 rupees on Friday. Arun Kejriwal, founder of Kejriwal Research & Investment, said investors were likely to wait until the last day of the share sale to see if the price band is tweaked. There are at least six Adani Group companies in the MSCI India Index, with a cumulative weight of 4.31%.

Adani, whose home state is Gujarat in western India, built his business empire from scratch after starting as a commodities trader. Adani's business empire grew rapidly and his wealth ballooned. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. It is not known what was discussed and Adani Group did not respond to a request for comment on Friday. Adani Group's consolidated gross debt stands at $23.34 billion, Jefferies says.

☆ India market regulator increases scrutiny of Adani group - sources
▼ + stars: | 2023-01-27 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

Email queries and phone calls sent to Adani Group were not answered. Adani earlier this week dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. Hindenburg's report on the Adani group comes amid a $2.45 billion secondary share sale by the group's flagship company Adani Enterprises. Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said.

☆ Adani shares plunge further as it weighs legal action against short seller firm
▼ + stars: | 2023-01-27 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

Hindustan Times | Hindustan Times | Getty ImagesShares of Adani Group companies continued to see sharp losses for a second consecutive trading session in India, after short seller firm Hindenburg announced its short position in the conglomerate's firms earlier this week. Adani Transmission fell 19.47%, Adani Green Energy shed 19.89% and Adani Power lost 5%. Adani Port's share price also dropped 13.8%. Billionaire investor and CEO of Pershing Square Capital Management, Bill Ackman, voiced his support for the short seller firm in a tweet posted shortly before India's market open. "I found the Hindenburg report highly credible and extremely well researched," he wrote, adding that Adani Group's response "speaks volumes."

☆ Adani Group sheds $50 billion in market value as the world's richest Asian weathers accusations of 'stock manipulation'
▼ + stars: | 2023-01-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Adani Group – owned by Asia's richest man – has lost over $50 billion in market value in less than two days, per Bloomberg. The plunge follows a Hindenburg Research report this week accusing the Indian conglomerate of market manipulation. Shares in Adani Enterprises tumbled more than 19% Friday as the rout intensifies. At the time of writing, Adani Enterprises' stock was down about 15% to 2,848 rupees ($34.93). Meanwhile, Billionaire investor Bill Ackman voiced his support for Hindenburg Research's report, saying on Twitter Thursday that "I found the Hindenburg report highly credible and extremely well researched."

☆ Bill Ackman says he finds short-seller's Adani Group report 'highly credible' – and notes similarities to 'pyramid scheme' Herbalife
▼ + stars: | 2023-01-27 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Hindenburg Research accused India's Adani Group of "brazen stock manipulation" in report published this week. Pershing Square CEO Bill Ackman said he found the short-seller's report "highly credible and extremely well researched". Adani Group had inflated its own valuation by manipulating the stock market and committing accounting fraud, the report had said. "I found the Hindenburg report highly credible and extremely well researched," Pershing Square Capital Management CEO Ackman aid on Twitter late Thursday. Ackman also compared Adani Group to Herbalife – the multi-level marketing company that Pershing Square unsuccessfully shorted between 2012 and 2017 in one of the billionaire investor's biggest-ever losses.

☆ Bill Ackman says Hindenburg's Adani report 'highly credible'
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File PhotoJan 27 (Reuters) - Billionaire U.S. investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched." Hindenburg's report also said it held short positions in Adani Group through its U.S.-traded bonds and non-Indian-traded derivative instruments. Adani Group has said that it is evaluating "remedial and punitive action" against Hindenburg, calling the report "maliciously mischievous, (and) unresearched." I found the Hindenburg report highly credible and extremely well researched," Pershing Square boss Ackman said in a tweet on Thursday. Adani Group did not immediately respond to Reuters request for comment.

☆ India's Adani Group says evaluating action against Hindenburg Research
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 26 (Reuters) - Adani Group said on Thursday it is evaluating "remedial and punitive action" under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens. In a statement to Indian exchanges, Adani Group head of legal, Jatin Jalundhwala, called the report by the U.S. research group "maliciously mischievous, (and) unresearched". "We are evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action against Hindenburg Research," the statement said. The report has "adversely affected the Adani Group, our shareholders and investors. It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing".

☆ Gautam Adani — the world's richest Asian — saw his net worth crash by more than $5 billion in a day after a short-seller targeted his business empire
▼ + stars: | 2023-01-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Indian billionaire Gautam Adani's fortune crashed $5.5 billion on Wednesday to $113 billion. Hindenburg said that the moves pushed up stock prices in seven key listed companies under the Adani Group, which in turn helped boost the industrialist's net worth by over $100 billion in three years. Adani, the chairman and founder of India-based conglomerate Adani Group, has been under the limelight in the last few years for his soaring net worth which gained over 50% in 2022, according to the Bloomberg Billionaires Index. Adani ended 2022 with a $121 billion fortune, but that is now down to $113 billion after the scathing Hindenburg report. Gautam Adani did not immediately respond to Insider's request for comment sent via the Adani Group.

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.

☆ 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.

☆ NDTV founders resign from board after India's Adani takes control
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] A microphone of New Delhi Television (NDTV) is placed on a tripod along a roadside in New Delhi, India, August 26, 2022. REUTERS/Adnan Abidi/File PhotoNEW DELHI, Dec 30 (Reuters) - India's New Delhi Television Ltd (NDTV.NS) said on Friday its founders Prannoy Roy and Radhika Roy had resigned as directors after billionaire Gautam Adani's conglomerate took majority control of the media company. Adani Enterprises Ltd (ADEL.NS), through subsidiaries RRPR Holding and Vishvapradhan Commercial, now owns 64.72% of NDTV, which runs three national channels. There are no other material reasons for my resignation," Prannoy Roy, one of India's best-known journalists, said in his letter to the company resigning as executive co-chairperson. Adani Group would "strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform", the statement added.

☆ Meet the Indian industrialist worth almost as much as Elon Musk after getting $42 billion richer this year
▼ + stars: | 2022-12-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Gautam Adani is worth $119 billion, just $13 billion less than Elon Musk, per Bloomberg. The Indian industrialist is now worth $119 billion, according to the Bloomberg Billionaires Index. Adani is founder and chairman of the Adani Group, a multinational conglomerate with businesses spanning energy, mining, ports, and airports. Arnault is worth $162 billion and Musk about $132 billion. The Adani Group comprises seven listed companies that have 23,000 staff and are worth $166 billion, though that is down from $242 billion in August.

☆ India's NDTV shares rise as founders plan to sell stake to Adani
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

After the deal, the Indian conglomerate, led by billionaire Gautam Adani, will control 64.71% of NDTV, while the founders will retain a combined 5%. Over the last four quarters, the broadcaster raked in revenues in the range of 900 million rupees ($10.88 million) to 1.20 billion rupees. In comparison, rival TV18 Broadcast Ltd (TVEB.NS) has amassed revenues in the range of 12.7 billion rupees to 15.7 billion rupees. Both NDTV and TV18 had flagged reducing ad revenues in the September quarter. Shares of NDTV were last up 2.4% at 348.70 rupees, which was at a discount to the 368.43 rupees per share at which the Roys sold their stake.

☆ Billionaire Adani to control nearly 65% of NDTV as founders sell stake
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +3 min

The husband-and-wife team will sell a 27.26% stake in NDTV to Adani-owned entity AMG Media Network and retain a combined 5%, regulatory filings by NDTV showed on Friday. "The AMG Media Network, after the recent open offer, is now the single largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network," the founders said in a statement. Ravish Kumar, a senior executive editor of NDTV, resigned soon after Adani acquired the entity backed by NDTV's founders. Founded in 1988 and owned by the husband-and-wife team, NDTV had previously said that the move by Adani "was executed without any input from, conversation with, or consent of the NDTV founders".

[1/2] Police officers stand guard near the barricades during a protest rally by the supporters of the proposed Vizhinjam port project in the southern state of Kerala, India, November 30, 2022. An Adani Group official who declined to be identified said construction would restart on Thursday. The port has strategic importance for both India and Adani, an ally of Prime Minister Narendra Modi and Asia's richest man. The Adani Group says the port complies with all laws and has cited studies that show it is not linked to shoreline erosion, which the Kerala government says is due to natural causes. Adani has previously faced protests in Australia, where environmental activists protested against his Carmichael coal mine project in the northeastern state of Queensland.

☆ Billionaire Adani becomes NDTV's biggest shareholder after open offer
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 5 (Reuters) - Indian billionaire Gautam Adani's conglomerate on Monday raised its stake in New Delhi Television Ltd (NDTV.NS) to more than 37% through an open offer, making it the biggest shareholder of one of the country's most popular news networks. Although Adani's group was looking to take another 26% stake in NDTV, the open offer attracted bids for just 5.3 million shares, translating to an 8.3% interest in the company. Last week, Adani acquired a stake of about 29.2% in NDTV by buying a company backed by the television network's founders, Radhika Roy and Prannoy Roy, who have a 32.3% stake in NDTV. In the open offer that concluded Monday, corporate investors tendered 3.9 million shares, while retail investors offered to sell over 706,000 shares. Adani had offered to buy NDTV shares at 294 rupees in the open offer, which represents a 25% discount to Monday's closing price.

"We have denied permission to the rally by the Hindu United Front. The port is of strategic importance to both India and billionaire Gautam Adani, Asia's wealthiest man and the world's third-richest. Critics say Adani, who comes from the same state as Modi, has benefited from the policies of the federal government. Earlier, Hindu United Front member C Babu told Reuters they would go ahead with the rally. The Adani Group has said in court filings that the protests have caused "immense loss" and "considerable delay".

[1/5] Policemen are deployed as people from the fishing community protest near the entrance of proposed Vizhinjam Port in the southern state of Kerala, India, November 29, 2022. The port is of strategic importance to both India and Adani, Asia's wealthiest man and the world's third-richest. The Adani Group has said in court filings that the protests have caused "immense loss" and "considerable delay". The Adani Group says the port complies with all laws and has cited studies that show it is not linked to shoreline erosion. Adani has previously faced protests in Australia, where environmental activists had launched a "Stop Adani" movement to protest his Carmichael coal mine project in Queensland state.

Another group project, a $900 million port redevelopment in Kerala state, has been stalled for months by protesters. There have been no major protests to date against the Dharavi redevelopment. The redevelopment of Dharavi will be the fourth project Adani Realty has taken on in Mumbai and the 24th across four cities, according to its website. A spokesperson for the Adani group did not respond to a request for comment on the Dharavi bid. ($1 = 81.6750 Indian rupees)Reporting by Shilpa Jamkhandikar in Mumbai and Nandan Mandayam in Bengaluru; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Police in India's Kerala step up security after clashes over Adani port
▼ + stars: | 2022-11-29 | by ( Jose Devasia | ) www.reuters.com time to read: +3 min

[1/3] Police officers are deployed as fishermen protest near the entrance of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. REUTERS/Munsif VengattilKOCHI, India Nov 29 (Reuters) - Police in southern India on Tuesday ramped up security around Vizhinjam port being built by billionaire Gautam Adani's group after scores of people were injured during clashes with protesters from a fishing community over the weekend. Kerala state police were sending reinforcements to the Vizhinjam area to prevent further violence, he added. The Adani Group says the port complies with all laws and cited studies that show it is not linked to shoreline erosion. Five years ago, Australian environmental activists had launched a "Stop Adani" movement to protest his Carmichael coal mine project in Queensland state.

[1/2] Police officers are deployed as fishermen protest near the entrance of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. REUTERS/Munsif VengattilKOCHI, India Nov 28 (Reuters) - As many as 36 police were injured in clashes with protesters in India's southern state of Kerala who were demanding the release of a person arrested during a demonstration against a $900-million port project of the Adani Group, officials said. The location of the port on India's southern tip is seen as key to winning business from ports in Dubai, Singapore and Sri Lanka. Over the weekend, protesters blocked Adani's construction vehicles from entering the port, despite a court order for work to resume, prompting the arrest of many of them. Police attacked the protesters, among whom were some priests, said a clerical official, Eugine H. Pereira, the vicar general of the archdiocese.

[1/2] Police officers are deployed as fishermen protest near the entrance of the proposed Vizhinjam Port in the southern state of Kerala, India, November 9, 2022. "We won't let them in," a protestor was seen screaming at police officers near the port entrance site. The Adani Group has said the project was in full compliance with all laws and that many studies in recent years have rejected allegations linking the project to shoreline erosion. The Kerala state government says erosion has occurred due to natural disasters. A previous attempt by Adani in October to move trucks out of the port also failed.

☆ Adani to raise $2.45 bln in India's biggest follow-on share sale
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 25 (Reuters) - Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India's largest follow-on public offering of new shares. The share offering would increase the company's public float from the current 27.4% level. "Adani needs capital at the holding company level. read moreThe company plans to file a draft prospectus before Dec. 31 and raise the funds before March 31, but it will depend on market conditions, the person added. The previous largest FPO was a 150 billion-rupee share sale in 2020 by Yes Bank (YESB.NS).

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