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After witnessing dip in stock valuation to the tune of $6 billion on Monday shares in companies controlled by billionaire Gautam Adani fell on Wednesday as well despite rejecting media reports that three foreign investor funds that own stocks had been frozen. The Economic Times on Monday reported that three foreign portfolio investors’ (FPIs) accounts – Albula Investment Fund, Cresta Fund and APMS Investment Fund were frozen by the National Securities Depository Limited (NSDL)
Meanwhile, Jugeshinder Singh, CFO, Adani Group told NDTV that Albula Investment Fund, Cresta Fund and APMS Investment Fund had invested in Adani Group’s incubation entity Adani Enterprises well before 2010 and it is not that these entities are new investors.
However, due to vertical demergers the company undertook from time to time the said foreign investors got their proportion of shares in the demerged entities of Adani Enterprises, Mr Singh told NDTV in an exclusive interview.
“These entities have been investors in our incubation company Adani Enterprises well before 2010. In 2015 we demerged Adani Ports and SEZ from Adani Enterprises so these entities got their proportion of shares, then we demerged Adani Transmission, Adani Green Energy and Adani Total Gas as the demergers happened all shareholders of Adani Enterprises kept getting their proportion of shares as these were vertical demergers and it is not that new investments have come in,” Mr Singh told NDTV.
Mr Singh added that the underlying business performances by Adani Group companies also led to the investors remain attached to their investments.
“Look at Adani Ports annual growth rate over double digit and a market leader I would simply say this you take India’s best IT company, India’s best FMCG company, India’s best bank and you put Adani Ports, Adani Green or Adani Transmission alongside them and look at our growth rate,” Mr Singh said.
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