Promoters hike stake in Adani Enterprises by 2.2% via open market
Adani Enterprises, by 2.22% through open-market purchases, as per a regulatory filing.
Kempas Trade and Investment, a promoter group company, acquired 2.53 crore shares of Adani Enterprises between August 7 and August 18, raising the promoters' overall stake in the company to 69.87%. The purchased stake is worth ₹6,675 crore as of the stock's closing price on Monday.
On Monday, Adani Enterprises closed at ₹2,639.75 per share on the National Stock Exchange, trading at a premium of 2.41%.
The Adani Group did not respond to request for a comment on this transaction as of Monday's press time.
At the end of the June quarter, the promoters held 67.65% of Adani Enterprises, with the remaining shares owned by public shareholders, including the US-based investor firm GQG Partners, which holds 2.67%.
In June, GQG Partners invested approximately Rs 8,265 crore in Adani Enterprises and renewable energy firm Adani Green Energy. Back in March, they had invested over Rs 15,000 crore in Adani stocks and acquired stakes in four Adani companies, including Adani Enterprises.
Earlier this year, the business conglomerate suffered a loss of about $150 billion in market value following allegations of fraud in accounting and large stock price manipulation by American short seller Hindenburg, which also claimed that the value of their assets had been falsely overinflated. The Adani Group has denied all allegations.
The group's stock prices have considerably recovered since.
In the first quarter of the current financial year, Adani Enterprises reported a 44% year-over-year growth in net profit, reaching ₹674 crore. However, the revenue from operations declined by 38% to ₹25,810 crore, primarily due to a correction in coal prices.
