Adani Enterprises Promoters Acquired Over 2% Additional Stake Between August 21 And September 7

The promoters of Adani Enterprises acquired around 2.06 per cent additional stake in the firm between August 21 and September 7, totalling to 71.93 per cent stake, the company said in an exchange filing on September 9.

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As per the filing, 0.61 per cent stake was acquired by Kempas Trade and Investment Ltd between August 21 and August 22. Another 1.46 per cent stake was bought by Infinite Trade and Investment Ltd between August 30 and September 7. Both the companies have been identified as promoters of the company.

This came three weeks after the company had announced the promoter holding at 69.87 per cent in its flagship firm. Between August 7 and August 18, Kempas Trade and Investment acquired a 2.22 per cent stake in the company.

It is to be noted that promoters cannot acquire more than 75 per cent stake in the company, as per Indian market rules. 

The Adani Group's total market capitalization surpassed Rs 11 trillion, thanks to sustained purchasing interest from both domestic and international investors, on Friday. The conglomerate had added Rs 7,039 crore to its market cap on Friday.

Adani Group stocks have experienced a remarkable rebound since their low point following the Hindenburg incident, contributing nearly Rs 5 trillion in market capitalization growth since March 2023. 

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Furthermore, the group has successfully recovered from the setbacks resulting from the Organised Crime and Corruption Reporting Project (OCCRP) report published in August. Following the release of the report, which made allegations of share price manipulation and holding irregularities by the promoters, the market capitalization had dropped to Rs 10.48 trillion on August 31.