Comments
· In March 2022, K India Opportunities Fund Class F was registered with SEBI as an FPI. It is a sub-fund of K India Opportunities Fund Ltd floated by Kotak group in 2013 to enable foreign clients to invest in India
· In November 2022, short-seller Hindenburg Research shared a draft of its Hindenburg report on the Adani group exclusively with its client Kingdon Capital Management
· Kingdon Capital is 99 per cent owned by Mark Kingdon, who was also the ultimate beneficiary owner of M. Kingdon Offshore Master Fund
· In December 2022, the Master Fund started the process of subscribing to 100 per cent participating redeemable shares of K India Opportunities Fund Class F. The Master Fund, Mark Kingdon and his family members had 58.8 per cent investment in KIOF Class F
· In December, KIOF Class opened a trading account in the cash segment of the exchanges
· On January 5, a subscription agreement was signed between the Master Fund and KIOF. On the same day, an investment advisory agreement was signed between Kingdon Capital and Kotak Mahindra International, a subsidiary of Kotak Mahindra Bank
· On January 5, KIOF entered into a subscription agreement with the Master fund, and on the same day, an investment advisor agreement was signed between Kingdon Capital and Kotak Mahindra International, a subsidiary of Kotak Mahindra Bank
· On January 9, the Master Fund transferred $40 million to KIOF, which was remitted to the trading account of KIOF Class F in India, of which $15 million was converted to Indian rupees and transferred to the margin account for trading
· On January 10, KIOF Class F started building short positions in the futures of Adani Enterprises
· On January 13, another $3 million was transferred by the Master Fund to KIOF
· By January 20, KIOF had built up short positions of 8.5 lakh shares in the futures of Adani Enterprises
· On January 25, the Hindenburg Report was released to the public
· From February 1 to 22, KIOF Class F squared off its short positions and made a total profit of $22.25 million.
· Between January 24 and February 22, 2023, shares of Adani Enterprises fell 59 per cent
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.