Global index aggregator MSCI on August 12 said that it would now implement the index review changes of Adani group and associated securities that have been previously postponed. This would include changes in the number of shares (NOS), foreign inclusion factor (FIF) and domestic inclusion factor (DIF), MSCI said.
Lifting the earlier restrictions, MSCI said it would resume the regular implementation of corporate events for the Adani group securities effective September 2, 2024. "The proforma FIF and DIF for these securities are announced along with the August 2024 index review announcement. The changes will be implemented as of the close of August 30, 2024 (effective September 2, 2024)," it said.
MSCI said it will continue to monitor Adani group and associated securities, including related to free float, and will issue further communication if appropriate.
MSCI had on May 14 said: "In light of continued uncertainty with the free float of Adani Group and associated securities within the MSCI ACWI IMI indexes, MSCI will not implement any changes in the Foreign Inclusion Factor (FIF) or Number of Shares (NOS) for the related securities as part of the May 2024 Index Review and until otherwise announced."
"Also, until otherwise announced, MSCI will review the treatment of non-neutral corporate events for the affected securities on a case-by-case basis and potentially defer their implementation. The treatment of any such non-neutral corporate event would be announced to all clients with advance notice through regular Index announcements. For the avoidance of doubt, MSCI will continue implementing any neutral corporate events including ones requiring application of a Price Adjustment Factor (PAF)," MSCI had said on May 14.