Pacific Investment Management Co., which is seeking to decarbonize its investment portfolio, has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia, according to a person familiar. Pimco, which is owned by Germany’s Allianz SE, did not participate in Adani Ports’ $500 million bond sale in January, the person said, while its existing holdings in Adani Ports would be allowed to run to maturity. Adani’s Australian mining unit -- last year re-branded as Bravus Mining & Resources -- has drawn fierce opposition from environmental groups over the 10-million-tons-per-annum Carmichael thermal coal project. Adani Ports said the issuance drew strong participation from institutional investors across Asia, EMEA and the U.S., achieving an over-subscription ratio of 4.2 times. Adani Ports shares jumped 5.2% in Mumbai on Monday.

Source: Mint March 23, 2021 01:52 UTC