Adani promoters buys 2.22% in flagship for Rs6,000 crore

livemint.com:

MUMBAI : Kempas Trade and Investment Ltd, a promoter entity of Adani Group’s listed flagship Adani Enterprises Ltd., on Monday, said the entity has bought a 2.22% stake in the company from open market between 7 August and 18 August, according to regulatory filings. The stake purchase could be worth Rs. 6,348.12 crore according to the volume weighted average price of Adani Enterprises during the said period.

With the latest purchase, Kempas Trade and Investment’s total promoter stake in AEL has increased to 69.87% from 67.65% earlier. The company has a market capitalization of ₹3 trillion. Since March, the promoters of the Adani group firms have raised Rs.

37,441 crore through stake dilutions in various group firms. This followed a report by US short-seller Hindenburg Researchin January, which had compelled Adani Enterprises to call off its ₹20,000 crore follow-on public offering. The group has denied the allegations made by Hindenburg.

And, son after, US-based boutique asset management firm GQG Partners Llc purchased significant stakes in several Adani group firms in a quick succession. This included a 5% acquisition in Adani Enterprises for Rs.9,600 crore, 8.1% of Adani Power for Rs8,811 crore, 6.3% of Adani Green for Rs. 7,038 crore, 5.03% in Adani Ports for Rs.

7,467 crore, and 5.5% in Adani Transmission for Rs. 4,525. Recently, Doha-based Qatar Investment Authority purchased a 2.6% in Adani Green for Rs.