Adani promoters may pare more stake in group companies
Adani Group led by billionaire Gautam Adani will continue to pare holdings in group companies in the coming months to create a liquidity buffer that can be deployed to tap new opportunities and infuse equity in various units, said people aware of the matter. The promoters have so far sold stakes to US-based GQG Partners and are in discussions with other global investors to potentially divest more, they said.
«Promoters have in principle decided to prune their stakes in various listed group companies through a combination of primary and secondary stake sales,» said one of the persons cited. «They are of the view that building cash reserves is the best way forward given the uncertain global investment environment.» Talks are underway with a number of investors and the next transaction with a West Asia-based fund is likely by September, the person added.
The Adani Group didn't respond to queries.Group's priorities include infrastructure assets, green energy projects It also didn't respond to a query on how it plans to use the proceeds of the last round of equity sales by the promoters. The Adani family holds upwards of 60% in all the group's listed companies except Adani Green Energy and ACC Ltd.
The promoters trimmed their stakes in recent months after selling shares worth around $3 billion to GQG Partners in multiple transactions starting March, with the latest sale on June 30. Promoter entity Fortitude Trade and Investment sold its entire 3.04% stake in Adani Transmission for about Rs 2,665 crore through bulk deals.
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