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Indian market regulator probes Adani links to investors, PM Modi’s office briefed


India’s market regulator is investigating Adani Group’s links to some of the investors in the conglomerate’s aborted $2.5 billion share sale, two sources said, amid growing concern in New Delhi about a US short-seller’s allegations against one of the country’s top industrial groups.

The Securities and Exchange Board of India (SEBI) is looking into any potential violation of Indian securities laws or any conflict of interest in the share sale process, said the two sources who have direct knowledge of the matter.

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The watchdog is investigating relationships between Adani and at least two Mauritius-based firms — Great International Tusker Fund and Ayushmat Ltd. — which participated as anchor investors, among others, said the sources, who spoke on the condition of anonymity due to the confidential nature of the probe.

Under India’s capital and disclosure requirement rules, any entity related to a company’s founder or the founder group is ineligible to apply under the anchor investor category. One of the sources said the focus of the probe would be whether any of the anchor investors are “connected” to the founder group.

The ports-to-energy conglomerate — controlled by billionaire Gautam Adani, one of the world’s richest people — has seen shares in its seven companies lose more than $100 billion in market value since the Jan. 24 report by Hindenburg Research, which accused it of improper use of offshore tax havens and stock manipulation.

Adani has denied the charges. Last week, the group’s flagship entity Adani Enterprises pulled its secondary share offering, India’s largest ever, because of the sharp selloff.

SEBI and the Adani Group did not respond to requests for comment about the investigation. Great International Tusker Fund and Ayushmat Ltd. also did not respond to requests for comment.

Also under the SEBI scanner are Elara Capital and Monarch Networth Capital, two of the 10 investment banks that managed the share offering, the sources said, adding that SEBI had approached the two firms last week.

The roles of Elara and Monarch are being examined by the market watchdog to rule out “any conflict” in the share offering process, one of the sources said.

Shares in Adani Enterprises extended their losses to 5 percent in Friday afternoon trade following Reuters’ report, having previously been down 2.5 percent earlier in the day.

Meeting with Modi’s office

Hindenburg has alleged one Adani private entity had a small ownership stake in Monarch – which has previously worked as a bookrunner for the group – saying “this close relationship seems to pose an obvious conflict of interest.” The short-seller also alleged that a Mauritius-based fund of Elara has invested 99 percent of its market value in three Adani stocks.

Adani has said Monarch was selected for previous share sales “for their credentials and ability to tap into the retail market.” On Elara, Adani has said “innuendoes” that the firm was in any manner related to the conglomerate founders were incorrect.

When contacted, Monarch referred Reuters to an exchange disclosure on February 3 that said an Adani entity has held “an insignificant,” 0.03 percent, stake in the company since 2016. Reuters was unable to confirm this from public records. Elara did not respond to a request for comment on the regulator’s probe and Hindenburg’s allegations.

In recent days, the fallout of the allegations by Hindenburg, which stood to profit from the fall in the value of Adani Group assets, has come up repeatedly as a cause for concern at the national level, including at Prime Minister Narendra Modi’s office, two government officials said.

Opposition parties have protested in parliament to call for an independent probe into Hindenburg’s allegations.

The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi’s office and been in touch with SEBI, the market regulator, one of the officials said. Reuters could not determine the specific details of these discussions, which have not been previously reported.

The ministry launched a review of Adani’s past financial statements on February 2.

Modi’s office and India’s Ministry of Corporate Affairs did not respond to requests for comment about the regulatory probe into Adani after publication of the Hindenburg report.

The conglomerate has previously said Hindenburg’s allegations of stock manipulation had “no basis” and stemmed from an ignorance of Indian law. It has said it has always made the necessary regulatory disclosures. India’s Finance Secretary T.V. Somanathan on Saturday described the Adani issue as a “storm in a teacup” from a macroeconomic perspective.

Read more:

India’s Adani faced margin call on $1.1 billion loan before repaying in full: Report

Indian PM Modi fends off attack over Adani links, recounts past scams

Norway’s sovereign wealth fund says it pulled out of Adani group

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fischer Shares Insights on the Future of Construction at the International Expert Forum

The fischer Group of Companies, a renowned German multinational manufacturer
specializing in fastening products for the construction and DIY industry, hosted its second
International Expert Forum (IEF) at the H Hotel, Sheikh Zayed Road, Dubai. The event
gathered industry leaders, partners, and experts to explore advancements in construction,
focusing on sustainability, innovation, and digital transformation.
The forum emphasized fischer’s commitment to sustainable construction practices. Attendees
were introduced to the company’s latest eco-friendly solutions, aligning with global efforts to
reduce the environmental impact of the industry.”We are thrilled to host the IEF in Dubai, a
city recognized for its forward-thinking growth” said Dr. Ronald Mihala from fischer
“fischer is dedicated to driving the future of construction through innovation, digitalization,
and sustainability.”
Operating through 52 subsidiaries with over 4,700 employees, fischer reaffirmed its
commitment to sustainable growth and international expansion. A key focus of the forum was
innovation and digitalization as the future drivers of construction, with speakers discussing
cutting-edge technologies and their applications.Highlights included:

 Dr. Ronald Mihala and Dr. Oliver Geibig on BIM Integration: They showcased
how fischer leverages Building Information Modeling (BIM) to improve
collaboration, minimize waste, and streamline project management globally.

 Prof. Konrad Bergmeister on The Future of Construction: Emerging technologies
were discussed as the catalysts for safer, more efficient, and sustainable construction
environments.

 Prof. Ashraf Biddah and Dr. Máté Tóth on Repair & Strengthening of
Structures: Prof. Biddah presented innovative methods for rehabilitating aging
infrastructure. Dr. Tóth introduced fischer’s carbon fiber-based solutions, highlighting
the REINFORCE-FIX software for optimized retrofitting.

The forum also unveiled fischer’s latest products, designed to meet the industry’s evolving
needs with a focus on sustainability, efficiency, and advanced technology integration. The
event underscored fischer’s role as a global leader, committed to providing forward-thinking
solutions for the challenges of tomorrow.

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Shurooq’s beachfront project Ajwan Khorfakkan attracts strong investor interest at Sharjah Investment Forum 2024

The Sharjah Investment and Development Authority (Shurooq)
showcased its key projects, including Ajwan Khorfakkan, Maryam Island, and Sharjah Sustainable
City, at the 7 th edition of the Sharjah Investment Forum held on 18-19 September, under the
patronage of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme
Council and Ruler of Sharjah.
During the forum, a key highlight was the exhibit featuring Shurooq’s residential project Ajwan,
located in the picturesque city of Khorfakkan. With its strategic location, breathtaking views of the
Gulf of Oman, and majestic mountains, the project seamlessly blends natural beauty with elegant
living spaces.
During the two-day forum, Shurooq’s exhibit garnered significant interest from investors seeking
projects with strong ROI potential and desirable locations for holiday homes or weekend retreats.
Ajwan aims to create a thriving community, offering a blend of hospitality, retail, residential, and
entertainment options, all designed to cater to families and those in search of memorable
experiences.
H.E. Ahmed Obaid Al Qaseer, Chief Executive Officer of Shurooq, said: “We are delighted to see
growing interest in our projects such as Ajwan at the Sharjah Investment Forum 2024. As one of our
flagship projects, Ajwan stands out due to its thoughtful design and prime location, making it one of
our most appealing beachfront developments. Beyond being a significant investment opportunity,
what I value most about this project is its serene environment, which is thoughtfully designed to
promote peace, positivity, and well-being for its residents. Diverse projects such as Ajwan, Sharjah
Sustainable City, and Maryam Island—each designed to elevate the standards of sustainable and
luxury living in Sharjah—show how Shurooq supports Sharjah’s strategic vision. The forum provided
a valuable opportunity for Shurooq to showcase our commitment to developing impactful,
sustainable projects that enhance quality of life while also creating attractive investment
opportunities for investors from different parts of the world.”
Over the past months, Ajwan has garnered significant investor attention primarily due to its key
features, including competitive prices, high-quality living, a strategic location, and attractions for all
ages. Its residential buildings, Al Joon and Saahil, with captivating views, have become so popular
that only a few units are left for sale. The project also features a first-of-its-kind waterpark in the
eastern region of the UAE and is just a 5-minute drive from Khorfakkan’s main attractions such as
the waterfall and amphitheater.
Ajwan’s first phase consists of 79 units, with two-bedroom apartments ranging from 127 to 231 m²
and prices starting from AED 1,899,000. The three-bedroom apartments, ranging from 168 to 289
m², are offered at a starting price of AED 2,099,000. The three-bedroom duplex apartments measure
235 to 275 m² and start from AED 3,799,000. Four-bedroom apartments extend over 225 to 369 m²,
with prices beginning at AED 2,799,000. The four-bedroom duplex apartments cover 272 to 312 m²

and are available from AED 4,199,000. The project is slated to
be completed in the last quarter of 2026.

During the forum, Shurooq also showcased its Maryam Island project—a mixed-use development
featuring 20 residential buildings comprising over 3,500 homes. Spread over a massive 3.3 million sq.
ft. area, the waterfront destination will offer unrivaled vistas of Al Mamzar Beach and Al Khan
Lagoon. The project is due for completion in 2026.
In addition, visitors to Shurooq’s exhibit learned about Sharjah Sustainable City, the first sustainable
master-planned residential community developed by Shurooq in partnership with Diamond
Developers. This development has become one of the most sought-after residential communities,
nearly sold out with only a few villas remaining. It recently surpassed AED 2.5 billion in sales across
all four phases, with the final phase scheduled for completion in 2025.
Organized by the Sharjah FDI Office (Invest in Sharjah), under the theme ‘A Futuristic Vision for
Smart Economies,’ this year’s forum featured over 80 renowned global experts and included
workshops, panel discussions, and keynote speeches. The forum discussed the role of investments
and capital in directing AI systems to support global growth and enhance efficiency, flexibility, and
inclusiveness across various sectors, including real estate.

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Estithmar Holding Lists the First Corporate Sukuk in Qatari Riyals on London Stock Exchange

Estithmar Holding celebrated this morning the listing of its first Sukuk in Qatari Riyals on
London Stock Exchange, at the Stock Exchange’s headquarters. This is the first time that London
Stock Exchange has witnessed listing in Qatari riyals.
The market open ceremony for the listing of Estithmar Holding Sukuks was attended by Eng.
Mohammed bin Bader Al-Sada, Group CEO of Estithmar Holding, in addition to key executives
from the company, Mr. Shrey Kohli, Head of Debt Capital Markets and Issuer Services in
London Stock Exchange, members of the LSE team, and a group of media representatives.
The ceremony was also attended by representatives of the joint lead managers of the issuance
and Qatari financial institutions; Mr. Mohammed Ismail Al-Emadi, CEO of Lisha Bank, Mr.
Ahmed Hashem, acting CEO of Dukhan Bank, Mr. Akber Khan, acting CEO of Al Rayan
Investment and Mr. Haithem Katerji, CEO of The First Investor. The ceremony was attended
also by Mr. Charbel AbuCharaf, Managing Partner, White and Case Qatar in addition to
representatives of legal and consultancy firms.
Estithmar Holding recently announced its successful issuance of the first corporate Sukuk
denominated in Qatari Riyals, worth QAR 500 million, with an annual profit rate of 8.75%. This
issuance is the inaugural tranche of Estithmar Holding’s QAR 3.4 billion Sukuk program which
earned great interest from investors and governmental and non-governmental institutions. The
list of investors included banks, insurance companies, and asset management companies.
Commenting on the event, Eng. Mohammed bin Badr Al-Sada, CEO of Estihtmar Holding,
highlighted the significance of the listing to the Qatari economy, “This issuance demonstrates
confidence in Qatar's robust economy and highlights the ability of the Qatari private sector to
expand both domestically and internationally, with support from government initiatives that
create a seamless environment where companies can develop and thrive.”.
Al-Sada also pointed out the importance of the issuance as a milestone for the company: “Today
Estithmar Holding operates in 7 countries across four sectors and the Sukuk program we have
listed on the London Stock Exchange is a key component of our growth strategy and will
facilitate further expansion and value creation.”.

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