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360 One Wam says its offshore fund had zero investments in Adani shares
The Business Guardian
|August 12, 2024
In a stock exchange filing on Sunday, 360 One Wam Limited, formerly known as IIFL Wealth Management Limited, said its IPE-Plus Fund 1 had made zero investments in any shares of the Adani Group -- either directly or indirectly.
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This clarification from the publicly-listed financial services company comes after US-based short seller Hindenburg Research in a report levelled fresh allegations against Adani Group. This time the short seller also raised questions about investments made by SEBI Chairperson Madhabi Puri Buch, and her husband Dhaval Buch.
IPE-Plus Fund 1 is a fully compliant and regulated fund that was launched in October 2013 and operated until October 2019, 360 One Wam informed stock exchanges.
“Throughout the fund’s tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund.”
The fund also said that 90 per cent of its investments were in bonds and only 10 per cent in shares “At its peak, the fund’s Assets Under Management (AUM) reached approximately USD 48 million, with over 90 percent of the fund consistently invested in bonds.”
The exchange filing also said that the fund was managed as a discretionary fund by the Investment Manager and that investors have no role in making investment decisions.
This story is from the August 12, 2024 edition of The Business Guardian.
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