Veteran investor Mark Mobius said he would invest more money in India
The recent fall in shares of Adani Group has not changed the outlook of veteran investor Mark Mobius. He said that this decline is the problem of Adani and not of India. The veteran investor said he is still bullish or bullish on India’s prospects.
The recent fall in shares of Adani Group has not changed the outlook of veteran investor Mark Mobius. He said that this decline is the problem of Adani and not of India. The veteran investor said he remains bullish or bullish on India’s prospects. Mobius reiterated his bullish view of India. Mobius told Bloomberg last week that “the long-term future of the Indian stock market is very good” and that he would invest more money in India.
Mobius told Bloomberg, “This is Adani’s problem. India is still going from strength to strength. It’s an incredible country with immense potential. I think this is one of the more frequent scandals in the stock market.” There is one and it will soon pass.”
On the Adani Group withdrawing its follow-on public offer (FPO), Mobius said, “We were not interested in Adani companies as they did not meet our investment criteria, especially the debt-related criteria.” He told that his investment firm usually focuses on investing in smaller companies.
Let us tell you that Adani Group had withdrawn its 20,000 crore FPO on February 1, despite being fully subscribed. On this occasion, Gautam Adani had said, “Given the volatility of the market, the board felt that it would not be ethical to go ahead with the FPO.”
He said, “For me, the interest of my investors is paramount and everything else comes second. Hence, to save investors from possible losses, we have withdrawn the FPO.”
SBI and LIC clarified the position on the loan
Big lenders like the State Bank of India (SBI) and government insurance company LIC clarified the situation by issuing statements recently on the loans given to Adani Group.
SBI said that it has given a total loan of 27,000 crores to Adani Group, which is about 0.88 percent of its loan book. SBI said that all these loans were given against real property and no loan was given against the pledge of shares.
Adani Group redeemed some pledged shares
Meanwhile, promoters of Adani group companies have prepaid loans worth $1.114 billion to issue some pledged shares in Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Transmission.
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