Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Hexaware Technologies - Yet Another Potential India Delisting

Event-Driven

On 29 May, post India market close, <a href="https://www.smartkarma.com/entities/adani-power-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:247:1">Adani Power Ltd (ADANI IN)</a> informed the Exchanges that Adani Properties Private Limited (a member of the Promoter Group) had expressed its intention to acquire all shares of <a href="https://www.smartkarma.com/entities/adani-power-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:247:1">Adani Power Ltd (ADANI IN)</a> held by the public shareholders and, if successful, delist the company from the Stock Exchanges.The Promoter Group holds 74.97% of the equity share capital of the company with the public shareholders holding the remaining 25.03%. However, the public shareholders may not really be 'public' after all. The same shareholder names appear in a lot of Adani group companies leading us to believe that there is more than meets the eye.The floor price (VWAP over the last 60 trading days prior to the company announcement of the delisting) works out to INR 33.8078 and is at a premium to the stock price over the last month but at a big discount to longer term prices and VWAPs.We feel that the Promoter Group has this almost sewn up and there will not be a massive premium to the current market price. Investors can buy stock up to INR 36-38 per share expecting to tender their shares around the INR 42-44 per share range.

On 29 May, post India market close, Adani Power Ltd (ADANI IN) informed the Exchanges that Adani Properties Private Limited (a member of the Promoter Group) had expressed its intention to acquire all shares of Adani Power Ltd (ADANI IN) held by the public shareholders and, if successful, delist the company from the Stock Exchanges.The Promoter Group holds 74.97% of the equity share capital of the company with the public shareholders holding the remaining 25.03%. However, the public shareholders may not really be 'public' after all. The same shareholder names appear in a lot of Adani group companies leading us to believe that there is more than meets the eye.The floor price (VWAP over the last 60 trading days prior to the company announcement of the delisting) works out to INR 33.8078 and is at a premium to the stock price over the last month but at a big discount to longer term prices and VWAPs.We feel that the Promoter Group has this almost sewn up and there will not be a massive premium to the current market price. Investors can buy stock up to INR 36-38 per share expecting to tender their shares around the INR 42-44 per share range.

Adani Power Delisting - Going Off The Grid