360 One pays ₹6k cr from pre-IPO fund

Posted By: Ramesh Sharma Posted On: Sep 04, 2023
Sameer Nath, chief information officer, 360 One Asset.

360 One Asset, the private equity (PE) and venture capital arm of 360 One WAM Ltd (formerly IFL PE), has returned around ₹6,000 crore to investors from the pre-initial public offering (IPO) fund. It expects to fully monetize the first fund from its pre-IPO franchise within one year, said a top company executive.

“The (first) series is starting to mature over this 12 month period, hence we are returning capital and will fully exit these positions in the course of the next 12 months," Sameer Nath, chief information officer, 360 One Asset, said.

Last week, 360 One was in the news following a report by the Organized Crime and Corruption Reporting Project (OCCRP) that said the company structured two funds—Emerging India Focus Fund and EM Resurgent Fund—to invest in Adani group entities.

The report said Adani family members invested in overseas vehicles, which then invested in Adani group funds, manipulating the share prices.“The funds, as on date, have zero investment in any of the shares of Adani Group. In the past, among other portfolio investments, the two funds have had investments in shares of Adani Group companies; all of which were sold in 2018," 360 One said in a filing to the exchanges on 30 August.

“We wish to clarify that the PE arm or any other arm never had investments in any of the Adani group firms and never had the PE arm raised capital from the Adani family for the pre-IPO fund," a spokesperson for 360 One Asset said on Sunday. Pre-IPO funds have a fund life of five years, though they can seek an annual extension from limited partners—or the fund's investors—for up to two years.

360 One Asset began raising its first set of pre-IPO funds in 2017. It has raised ₹11,500 crore to ₹12,000 crore across three broad strategies for its pre-IPO funds. The first tranche of around ₹7,000 crore is coming to the end of its fund life in 2024. “We have three IPOs lined up back to back every quarter between now and next year. So we will be returning a good chunk of that capital," Nath said.

The upcoming IPOs include Protean e-Gov Technologies Pvt. Ltd (NSDL e-Governance), National Securities Depository Ltd and Northern Arc. Some of its earlier exits include the Bikaji Foods International IPO, where the fund sold a large chunk. “We are running a high teens IRR (internal rate of return) and decent DPI (distributed to paid-in capital),' Nath said about the first pre-IPO tranche.

IRR is a metric used to estimate the return on investment while DPI is used to indicate the amount of capital returned to investors compared to their commitments.

Due to the volatile nature of the primary markets, 360 One Asset in recent years has also been strategically investing in companies planning to list within 18-24 months.

“To improve the return profile, we can do late-stage middle-market PE, where the companies are one-three years away from listing. This improves return without changing the risk profile," Nath said, citing the example of the fund's investment in Kauvery Hospital.

“About half of the deals are pure pre-IPO, and half are in companies one-three years before the listing," he added.

Other investments for the fund include SK Finance, SBI General Insurance, Nephro Plus and Care Health Insurance.

Pure pre-IPO is investment in a firm after the draft prospectus is filed, for instance, investments by 360 One Asset's pre-IPO fund in Syrma SGS Technology and Avalon Technologies.

Overall, 360 One is likely to have returned close to ₹11,000 crore across multiple funds. The firm has also come to the end of its first fund of fund raised in 2016. This fund has invested in funds such as Chiratae, Orios, Kae Capital, India Quotient and Blume VC, among others, and is returning close to 3x in capital, Nath said.

It has a ₹1,500 crore financial services-focused pre-IPO fund through which it has invested in companies such as the National Stock Exchange, TransUnion Cibil and CAMS.

Apart from the fund of funds and the pre-IPO fund, 360 One has a multi-asset class fund of ₹800 crore which it invests across PE (40% of the fund), credit (30% of the fund) and real estate (30% of the fund), said Nath.

Nath said the firm will invest anywhere between $50 million and $500 million in companies from its various funds. The firm has total assets under management of ₹21,000 crore across its various vehicles that invest primarily in the four themes of technology, financial services, healthcare and consumer. With private credit, real estate, PE and IPO fund put together, the firm manages around $7.8 billion of assets.

Source: Live Mint
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Mauritian regulator revokes licences of Adani-linked firm under probe

Posted By: Ramesh Sharma Posted On: Sep 16, 2023
Firm linked to Adani investors lost licences in Mauritius in 2022 by regulator, claims report (REUTERS)

Mauritius' Financial Services Commission (FSC) revoked the business and investment licences of the firm, the controlling shareholder of two funds that invested in listed Adani companies and are now under probe. The license was cancelled eight months before the US-based short seller Hindenburg's explosive revelation against the Adani Group.

According to a report by The Indian Express, the Mauritian financial regulator Financial Services Commission (FSC) revoked the business and investment licences of Emerging India Fund Management Ltd (EIFM), the controlling shareholder of two Mauritius-based funds in May 2022.

The regulators alleged a breach by EIFM of several provisions of laws meant to curb money laundering and ensure corporate governance, the daily added.

Mauritius FSC on its website mentioned that EIFM “acted in breach" of various sections of the Financial Services Act, the Securities Act, the Financial Intelligence and Anti-Money Laundering Regulations (2003 and 2018), and the Code on the Prevention of Money Laundering and Terrorist Financing.

Notably, EIFM and EM Resurgent Fund are two of the 13 overseas Adani investors under investigation under the Prevention of Money Laundering Act (PMLA).

However, after the Hindenburg report, a top official of the Mauritian FSC said that an “initial assessment" of the entities associated with the Adani Group in Mauritius did not reveal any breach of law.

As per the latest records available, EIFM's two Mauritius funds held 3.9% of Adani Power Limited, 3.8% of Adani Transmission Limited, and, at least, 1.73% of Adani Enterprise Limited, the report said.

This year in January, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens. Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings.

Last month, Sebi informed the Supreme Court through a status report that it had completed the probe in 22 of the 24 matters against the Adani group and is awaiting information from five tax havens on the actual owners who had invested in its group firms.

Also read: Hindenburg Case: SEBI concealed 2014 DRI alert on Adani Group manipulations, says petitioner

Last month millions Organised Crime and Corruption Reporting Project (OCCRP) also reported that millions of dollars were invested in publicly traded Adani Group stocks through funds in Mauritius, and added that this "obscured" the involvement of alleged business partners of India's Adani family.

Citing a review of files from tax havens and internal Adani Group emails, the non-profit global network of investigative journalists said two individual investors (Nasser Ali Shaban Ahli from Dubai and Chang Chung-Ling from Taiwan) with "longtime business ties" to the Adani family used such offshore structures to buy and sell Adani shares between 2013 and 2018.

The Adani Group categorically rejected what it called recycled allegations in the OCCRP report "in their entirety".

Source: Live Mint
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Adani Group promoter hikes stake in two group companies

Posted By: Aditya Gogoi Posted On: Sep 10, 2023
The promoters had last month increased stake in Adani Enterprises Ltd from 67.65% to 69.87% (Photo: Bloomberg)

Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on strategy to recover from the effects of the damaging reports.

The promoter group in stock exchange filings said it has increased stake in flagship Adani Enterprises to 71.93% from 69.87%. The shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd

This is the second time in less than a month that the promoters have raised stake in the flagship firm. The promoters had last month increased stake in Adani Enterprises Ltd from 67.65% to 69.87%. Both are promoter group firms.

In a separate stock exchange filing, the promoter group informed that it has also increased stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%.

Resurgent Trade and Investment Ltd bought almost 1% stake in Adani Ports and Special Economic Zone Ltd in open market transactions and another 1.2% was purchased by Emerging Market Investment DMCC. Both are promoter group firms.

The stock exchange filings said the stakes were bought in open market transactions between August 14 and September8.

The move comes within weeks of the US-based boutique investment firm GQG Partners buying shares in Adani group firms. The stock exchange filings show that US based firm has increased its stake in Adani Ports & Special Economic Zone (APSEZ) to 5.03% last month by way of a bulk deal.

The US based investment firm now has a stake in five of the 10 Adani Group firms.

On August 16, it bought a 7.73% stake in Adani Power Ltd. Promoter group firms Worldwide Emerging Market Holding and Afro ASIA Trade And Investments sold an 8.09% stake in Adani Power through block deals on August 16. Of this, GQG bought 7.73%, filings showed.

After the stake sale, promoter holding in Adani Power declined to 66.88% from 74.97%.

The US short-seller Hindenburg Research, in a report released on January 24, alleged accounting fraud, stock price manipulation and improper use of tax havens at the Adani group, triggering a stock market rout that had erased about $150 billion in the market value at its lowest point.

Adani Group has denied all allegations by Hindenburg and is working on a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.

GQG has, however, shrugged off the allegations and has since May invested in Adani firms. GQG had previously picked up a 5.4% stake in Adani Enterprises, a 6.54% stake in Adani Green Energy Ltd and a 2.5% stake in Adani Transmission Ltd.

GQG has so far invested ₹38,700 crore in Adani Group firms. Qatar Investment Authority (QIA) has invested ₹4,100 crore in Adani Green Energy and Bain Capital has poured in ₹1,440 crore, helping re-build investor confidence.

Adani stocks have since recovered some of the losses.

Source: Live Mint
Related Posts: GAUTAM ADANI,ADANI ENTERPRISES,SPECIAL ECONOMIC ZONE LTD,BUSINESS,ADANI GROUP PROMOTER,STOCK EXCHANGE FILINGS

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Indicator of little panic

Posted By: Aditya Gogoi Posted On: Aug 31, 2023
Rahul Gandhi holds a printout of news media report on industrialist Gautam Adani (Hindustan Times)

Congress leader Rahul Gandhi said on Thursday that the Modi government calling for a “special session of Parliament" from September 18 to 22 indicates “little panic". Addressing a press conference in Mumbai, where he is scheduled to attend the meeting of I.N.D.I.A bloc, Rahul Gandhi said matters like that of allegations against Adani Group are “very close" to PM Modi, making him “uncomfortable" and “very nervous".

“I think maybe it is an indicator of a little panic. The same type of panic that happened when I spoke in Parliament House, the panic that suddenly made them revoke my Parliament membership. So, I think it is panic because these matters are very close to the Prime Minister. Whenever you touch the Adani matter, the PM gets very uncomfortable and very nervous," Rahul Gandhi said.

The Central government has decided to call for a “Special Session of Parliament" to introduce “One Nation, One Election" bill. The session will have five sittings. The information was given by Parliamentary Affairs Minister Pralhad Joshi.

"Special Session of Parliament (13th Session of 17th Lok Sabha and 261st Session of Rajya Sabha) is being called from 18th to 22nd September having 5 sittings. Amid Amrit Kaal looking forward to having fruitful discussions and debate in Parliament," Joshi said on ‘X' (formerly Twitter).

Rahul Gandhi also targeted PM Narendra Modi over the recent allegations made against the Adani Group by the Organized Crime and Corruption Reporting Project (OCCRP). The OCCRP alleged that hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in Mauritius to fuel the spectacular rise in group stocks from 2013 to 2018.

Attacking PM Modi, Rahul Gandhi asked why he was silent over the allegations. Rahul Gandhi questioned no investigation into the row and asked why PM Narendra Modi has not spoken about the allegations against the Adani Group.

Gandhi referred to the G20 Summit being hosted by India and the reports on the Adani group in two British papers and said the allegations impact perception about India.

"...It is very important that the Prime Minister of India Mr Narendra Modi clears his name and categorically explains what is going on. At the very least, A JPC should be allowed and a thorough investigation should take place. I don't understand why the PM is not forcing an investigation? Why is he quiet and people who are responsible are put behind bars? This is raising very serious questions for the PM just before G20 leaders come here...It is important that this issue is made clear before they (G20 leaders) arrive," Rahul Gandhi said.

(With agency inputs)

Source: Live Mint
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G20 leaders are going to ask…

Posted By: Aditya Gogoi Posted On: Aug 31, 2023
Rahul Gandhi said the G20 leaders are going to ask about this 'special company' that is owned by a gentleman 'close' to PM Modi (ANI)

Congress leader Rahul Gandhi on Thursday attacked Prime Minister Narendra Modi for his “silence" on the recent allegations against the Adani Group by the Organized Crime and Corruption Reporting Project (OCCRP). Addressing a press conference in Mumbai, where the I.N.D.I.A bloc is meeting to discuss the Lok Sabha election 2023, Rahul Gandhi said the G20 leaders are going to ask about this “special company" that is owned by “a gentleman close" to the prime minister.

Rahul Gandhi said, “Just before the leaders of G20 are coming here, they are going to be asking what is this special company that is owned by a gentleman close to the PM and why is it in an economy like India this gentleman is being given a free ride?" Rahul Gandhi questioned no investigation into the row and asked why PM Narendra Modi has not spoken about the allegations against the Adani Group.

“Why is PM Modi silent, why doesn't he get this? Joint Parliamentary Committee should be allowed and a thorough investigation should take place into [the] Adani matter. There was SEBI probe but a clean chit [was] given to Adani; very clear something wrong here," Rahul Gandhi said.

The OCCRP alleged that hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in Mauritius to fuel the spectacular rise in group stocks from 2013 to 2018.

“The first question arises - whose money is this? Is it Adani's or someone else's? The mastermind behind this is a gentleman called Vinod Adani who is the brother of Gautam Adani. There are two other people who are involved in this round-tripping of money. One is a gentleman called Nasir Ali Shaban Ahli and another is a Chinese gentleman called Chang Chung Ling. So, the second question arises - why are these two foreign nationals being allowed to play with the valuation of one of the companies that control almost all of Indian infrastructure…" Rahul Gandhi said.

“The current flavour is G20 and it is about India's position in the world. What is very important for a country like India is that there is a level playing field and transparency in our economic environment and businesses that operate here. Today morning, two global financial newspapers have raised a very important question. These are not any random newspapers. These newspapers affect investment in India and the perception of India in the rest of the world," the Congress leader added.

Source: Live Mint
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Finally the loop is closed

Posted By: Ramesh Sharma Posted On: Aug 31, 2023
In a fresh reports, Adani Group is accused of recycling of funds via 'opaque' Mauritius funds (REUTERS)

In its latest report, the Organized Crime and Corruption Reporting Project (OCCRP), claimed that Adani family partners invested millions to buy their own shares for years. The details shared in the report reaffirms claims made by American short-seller Hindenburg against Adani group.

Catch all Adani News LIVE Updates

“Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books," tweeted Hindenburg Research in response to the OCCRP report.

Source: Live Mint
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Inox India files IPO papers to raise funds through offer-for-sale

Posted By: Vanshika Pathak Posted On: Aug 30, 2023
Inox India files draft IPO papers with Sebi to raise funds (PTI)

New Delhi: Cryogenic equipment maker Inox India on Wednesday filed draft papers for an initial public offering (IPO) with the Securities Exchange Board of India (SEBI) to raise funds.

The IPO will be a pure offer-for-sale of up to 22.11 million shares by its existing shareholders and promoters.

"The company plans to raise fund through Initial public offering comprising offer for sale of up to 2,21,10,955 equity shares (Face Value of ₹ 2) by Promoter selling shareholder and other selling shareholder (“Offer for sale")," the company said in a statement.

The OFS will constitute up to 10.44 million shares by Siddharth Jain, up to 5 million shares each by Pavan Kumar Jain and Nayantara Jain, up to 1.2 million shares by Ishita Jain and 2.3 lakh shares by Manju Jain.

ICICI Securities and Axis Capital are the book-running lead managers to the issue.

Inox India has been operating for the past 30 years and offers solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.

The company's offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.

The company maintains operational facilities across three locations: Kalol (Gujarat), Kandla SEZ (Gujarat), and Silvassa (Dadra and Nagar Haveli). As of FY23, its installed capacity encompassed 3,100 equivalent tank units, equivalent to 10,000-liter cryogenic storage tanks and 2.4 million disposable cylinders. As of March 31st, the company's order book was valued at ₹1,003.15 crore.

During FY23, the company achieved a 17% surge in net profit, amounting to ₹152.71 crore, compared to ₹130.5 crore in FY22. Concurrently, its revenues exhibited a 23.4% growth, reaching ₹965.9 crore in FY23, up from ₹782.71 crore in FY22. However, there was a decline in Ebitda margin from 23.47% in FY22 to 22.62% in FY23. The total debt by March 31st stood at ₹8.99 crore, marking a decrease from ₹54.54 crore in the preceding year.

Source: Live Mint
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GQG Partners acquires 2

Posted By: Vishal Maurya Posted On: Aug 20, 2023
A cargo ship anchored at Adani Group-owned Mundra port in Gujarat. (PTI)

GQG Partners purchased 2.2 million shares of Adani Ports on Thursday week, raising its stake in the company to 5.03 per cent, GQG Partners said in a disclosure. The investment firm had already held a 4.93 per cent stake in Adani Ports And Special Economic Zone Ltd. The development came days after Deloitte resigned as the company's auditor.

Adani Ports and SEZ Ltd's statutory auditor revealed that the US-headquartered Big 4 auditor resigned prematurely primarily due to lack of clarity on transactions with certain parties alleged in the 24 January Hindenburg Research report, and because of the ₹1.75 trillion Gautam Adani-led company's resistance to conduct an independent external evaluation.

As a “material weakness" identified as at 31 March, Deloitte said, “The company (Adani Ports) did not have an appropriate internal control system in respect of conducting an external examination of allegations made on the company."

Deloitte added that Adani Ports did not have adequate internal control system to even examine veracity of allegations ( made by Hindenburg) on related party relationships, which could potentially result in possible adjustments or disclosures of related party relationships, balances and transactions in the standalone financial statements.

Earlier this week, the US-based investment firm had also picked up an 8.1 per cent stake in Adani Power. Two promoter entities of the Adani group company sold a combined 31.2 crore shares worth more than ₹8,700 crore in separate bulk deals on Wednesday.

In June, GQG Partners along with other investors had bought stakes worth about $1 billion in two group companies — Adani Enterprises and Adani Green Energy.

Adani Ports and Special Economic Zones announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 8, reporting a rise of 82.6 per cent to ₹2,114.7 crore, compared to ₹1,158.3 crore in the corresponding period last year. The port major's revenue from operations in the first quarter of current fiscal stood at ₹6,247.6 crore, registering a rise of 23.5 per cent, compared to ₹5,058 crore in the year-ago period.

On August 18, shares of Adani Ports settled 3.13 per cent higher at ₹835.85 apiece on the BSE.

Source: Live Mint
Related Posts: ADANI PORTS,ADANI GROUP,ADANI,ADANI PORTS AND SPECIAL ECONOMIC ZONE,GQG PARTNERS ADANI STAKE PURCHASE,GQG PARTNERS

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