- By Vaamanaa Sethi
- Thu, 28 Sep 2023 02:12 PM (IST)
- Source:JND
Adani Power announced on Thursday that two promoter group entities, namely Fortitude Trade and Investment and Emerging Market Investment DMCC, collectively acquired a 2.1 percent stake in the Adani group company.
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According to a BSE filing, Fortitude Trade and Investment acquired a 1.71% stake in Adani Power, totaling 6,58,47,000 shares, during the period from September 5 to September 21. Additionally, Emerging Market Investment DMCC increased its stake in Adani Power by 0.50%, acquiring an additional 1,92,00,000 shares between September 21 and September 25.
The acquisition of 8.5 crore Adani Power shares by the two entities has resulted in an increase in the promoter stake in the company, from the previous 66.88% to 69.09%. Adani Power's stock, after experiencing losses, stabilized and was trading nearly unchanged at Rs 374.90 on the BSE.
As of June 30, Emerging Market Investment DMCC held 19,23,00,000 shares, equivalent to a 4.99 percent stake in Adani Power. Following a recent acquisition of additional shares, their ownership has increased to 5.48 percent, representing 21.15 crore shares in Adani Power. Notably, Fortitude Trade and Investment, affiliated with the promoters, was not listed among the shareholders of Adani Power as of June 30.
In a separate development earlier this month, the Adani group promoters were observed purchasing shares in Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd. Through Kempas Trade and Investment and Infinite Trade & Investment, Adani Enterprises promoters increased their stake in the company by 2.06 percentage points between August 21 and September 7. Presently, AEL promoters hold a 71.93 percent stake in Adani Enterprises, up from 69.87 percent previously.
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In September, there was notable buying activity by Adani promoters. This comes in contrast to the earlier part of the year when five group companies—Adani Power, Adani Energy Solutions, Adani Enterprises, Adani Green Energy, and Adani Ports & SEZ—combined to sell stakes worth Rs 37,000 crore in 2023. This substantial sale accounted for 40 percent of the total promoter selling within the NSE500 index for the year, according to a report from Kotak Institutional Equities.