Adani Power promoters raise stake by 2.21% for ₹3,170 crore
₹3,170 crore, according to the volume-weighted average price of Adani Power during the said period. With the latest purchase, the overall promoter stake in Adani Power has increased to 69.09%. Fortitude Trade and Investment Ltd acquired 6.58 crore shares or 1.71% of the total equity between 5 September and 21 September 2023.
On the other hand, Emerging Market Investment DMCC acquired 1.92 crore shares or 0.5% between 21 September and 25 September 2023. Adani Group stocks have been in recovery mode over the past six months. Soon after a 24 January damning report against the Adani Group by US-based short-seller Hindenburg Research, as stocks of Adani group firms plummeted, US-based boutique asset manager GQG Partners purchased significant stakes in several Adani group firms in quick succession.
This included an 8.1% acquisition of Adani Power for ₹8,811 crore, 5% in Adani Enterprises for ₹9,600 crore, 6.3% of Adani Green for ₹7,038 crore, 5.03% in Adani Ports for ₹7,467 crore, and 5.5% in Adani Transmission for ₹4,525 crore. As of 30 June, promoter entities, including Adani Tradeline Pvt. Ltd owned 9.78% of Adani Power; Worldwide Emerging Market Holding Ltd held 5%; Flourishing Trade and Investment Ltd owned 11.46%; Afro Asia Trade and Investments Ltd held 6.88%; and Emerging Market Investment Dmcc had 4.99%.
Gautam Adani’s family trust (including Gautam Adani and Rajeshbhai Shantilal Adani) is the largest promoter in Adani Power with a 36.86% stake. Adani Power, with a market value of about ₹1.44 trillion and over 15,250 megawatts (MW) of installed power generation capacity, is the country’s largest privately held power firm. Shares of Adani Power closed marginally lower at ₹375.25 apiece on the BSE."Exciting news! Mint
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