APL promoters raise stake

livemint.com:

MUMBAI : Adani Power Ltd’s (APL) promoter group entities—Fortitude Trade and Investment Ltd and Emerging Market Investment DMCC—hiked stake in power generation firm by 2.21%. The Adani promoters purchased shares in the company from open market between 5 September and 25 September, according to regulatory filings. The value of the stake purchased is around ₹3,170 crore, according to volume weighted average price of Adani Power during said period.

With the latest purchase, overall promoter stake in Adani Power has increased to 69.09%. Fortitude Trade acquired 6.58 crore shares or 1.71% of the total equity between 5 September and 21 September. Emerging Market Investment DMCC acquired 1.92 crore shares or 0.5% between 21 September and 25 September.

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 GQG Partners purchased significant stakes in several Adani group firms in quick succession. This included a 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.