Adani Group stocks decline on report of Sebi probe into offshore deals

Institutional Investor Advisory Services (IiAS), a proxy advisory firm, is urging shareholders of Adani Total Gas (ATGL) to reject a special resolution that aims to modify the company’s articles of association (AoA)

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Shares of Adani Group companies went down on April 3 following a Reuters article on a probe by the Securities Exchange Board of India (Sebi) into potential breach of regulations on “related party” transactions.

The investigation pertains to the Adani Group transactions with at least three overseas entities connected to founder Gautam Adani’s brother Vinod Adani.

The three offshore entities in question have reportedly been engaged in multiple investment dealings with unlisted subsidiaries of the ports-to-power conglomerate over 13 years.

Vinod Adani is either affiliated with these entities as a beneficial owner or director, the report claimed. Markets regulator Sebi is investigating whether the failure to disclose these connections constitutes a breach of regulations governing “related-party transactions”.

Adani Enterprises Ltd fell 2.5 percent, Adani Transmission Ltd and Adani Green Energy Ltd hit 5 percent lower circuit each, Adani Total Gas Ltd lost 0.7 percent, Adani Power Ltd 2.2 percent, Adani Ports and SEZ 1.2 percent, Adani Wilmar 3.5 percent, NDTV Ltd lost 3.7 percent.

Institutional Investor Advisory Services (IiAS), a proxy advisory firm, has urged shareholders of Adani Total Gas (ATGL) to reject a special resolution that aims to modify the company’s articles of association (AoA). IiAS has argued that there is insufficient transparency in the disclosure supporting the resolution.

The proposed amendments to the AoA would incorporate specific provisions of the shareholders’ agreement, permitting alterations in board nomination rights for Total Energies Holdings (THS) group and the current promoter group, based on their respective stakes in the company. The deadline for voting on this resolution, as well as two others, is April 6.

Stocks of ACC rose 1.3 percent, while Ambuja Cements Ltd gained 1.6 percent, following a report by Financial Express that the Adani Group has no plans to raise external funding to double the manufacturing capacity of its cement companies, Ambuja Cements and ACC, to 140 million tonnes by FY28. The group has stated that it has adequate internal accruals to achieve this goal.

Additionally, the Adani Group has established a plan for cost reductions to attain its objective of becoming the most profitable cement manufacturer in the country.