Mobius Says Adani’s Debt Pile ‘Scared Us Away’ From Share Sale
- Adani firms’ debt didn’t meet Mobius’s investment criteria
- Mobius committed to India and counts it in top fund holdings
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Veteran emerging-markets investor Mark Mobius said his firm didn’t participate in Adani Enterprises Ltd.’s stock sale before it was pulled as concerns about the debt of the Indian tycoon’s firms “scared us away.”
“We were not interested in Adani companies because they did not meet our investment criteria, particularly as regards to debt,” Mobius said by email in response to Bloomberg’s questions on Thursday. The $2.4 billion share sale, which was first announced on Jan. 18, was abruptly pulled on Wednesday as the fallout from a short-seller report by Hindenburg Research continued to spiral.