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Bond Market News
Adani Group Probed by SEBI on Offshore Dealings
April 3, 2023
Indian regulator SEBI is investigating dealings of Adani Group with at least three offshore companies, as per two sources, on the the grounds of ‘related party transactions’. They added that these three offshore entities allegedly entered into several investment transactions with unlisted units of Adani Group and have links to the brother of Gautam Adani. The three entities are Krunal Trade and Investments and Gardenia Trade and Investments in Mauritius, and Electrogen Infra in Dubai. SEBI is apparently probing whether the lack of disclosure regarding the linkage violated ‘related party transaction’ rules. Gautam Adani’s brother is part of the promoter group, but does not hold any managerial position in any of the listed Adani entities.
Adani Group’s dollar bonds were trading flat – Adani Ports & SEZ’s 4.375% 2029s were at 76.45, yielding 9.45%
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