Shares of Adani group companies were in free fall on June 14 after reports surfaced that the National Securities Depository Ltd (NSDL) froze the accounts of three Foreign Portfolio Investors (FPIs) that are among the big stakeholders in four of the listed firms of the ports-to-energy conglomerate.
NSDL froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own shares worth more than Rs 43,500 crore in Adani Enterprises, Adani Green Energy, Adani Transmission, and Adani Total Gas, according to ACE Equity data updated as on June 11, 2020.
After the sharp plunge in prices on Monday, the value of these shares tumbled to Rs 40,058 crore. Trendlyne data showed that the net worth of the three FPIs was Rs 41,046 crore. More than 96 percent of this amount has been invested in these Adani Group stocks, per the data.
The three funds owned between 2.1 percent and 3.9 percent stakes in the four Adani Group companies as of March 31, 2021. The value of their stakes in Adani Power, Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas has risen more than 10 times since March 31, 2021 to Rs 43,550 crore as of last Friday, according to Moneycontrol calculations.
The holding value of the three funds, which feature among the top twelve investors in Adani companies according to Reuters, range between Rs 2,250 crore and Rs 6,561 crore, as of June 14, 2021.
What else do we know of the funds? All the three entities are registered at Port Louis, Mauritius, according to opencorporates.com
- Albula Investment Fund was incorporated on January 23, 2007 and registered at 33, Edith Cavell Street, Port Louis, Mauritius.
- Cresta Fund Ltd was created on October 31, 2007 and was registered at Les Cascades, Edith Cavell Street, Port Louis, Mauritius.
- APMS Investment Fund Ltd was incorporated on November 29, 2005 was registered at 33, Edith Cavell Street, Port Louis, Mauritius.