Accounts of 3 FPIs owning Adani Group shares frozen by NSDL: Report - Hindustan Times
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Accounts of 3 FPIs owning Adani Group shares frozen by NSDL: Report

By | Edited by Amit Chaturvedi, Hindustan Times, New Delhi
Jun 14, 2021 09:57 AM IST

Together, the three FPIs own over ₹43,000 crore in four companies of Adani Group. According to news agency Reuters, the NSDL's move could be because of inadequate beneficial ownership documentation.

The National Security Depository Limited (NSDL) has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund - three Foreign Portfolio Investors (FPIs) - according to its website. Together, the three funds own over 43,000 crore in four companies of Adani Group, reports said.

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad.(Reuters File Photo)
The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad.(Reuters File Photo)

The NSDL website has put the names of these four funds under the securities frozen till May 31 this year. No address of the client has been mentioned on the website; it only has the entity's PAN card details.

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Shares of Adani Group companies fell between 5% and 18% on Monday after the news about NSDL action against the three firms emerged.

Adani Enterprises and Nifty 50-listed Adani Ports and Special Economic Zone were the top losers, falling over 15% each.

According to news agency Reuters, which quoted from a report about the NSDL action, the NSDL's move could be because of inadequate beneficial ownership documentation.

According to Bloomberg, the three FPIs, along with Elara India Opportunities Fund, LTS Investment and Asia Investment Corp, have put more than 95% of their assets in Adani group firms.

A rally in Adani group shares in the stock market catapulted Gautam Adani to the spot of second-richest person in Asia. He has added almost $43 billion to his wealth this year.

Adani Total Gas Ltd and the conglomerate’s flagship Adani Enterprises Ltd recorded a jump of 330% and 235% respectively.

The ports-to-power conglomerate also got a boost after MSCI Inc. included three more Adani firms to its India benchmark index last month, taking the group’s total footprint to five.

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