Rebalancing act: Adani Group's promoters to sell ₹30,000 crore stake in listed companies
Adani Group's promoters are looking to sell shares worth ₹30,000 crore ($3.6 billion) over the next nine months as they look to rebalance their portfolio in listed companies that's currently worth about $126 billion.
The promoters will pare stakes in some listed firms while increasing them in others, according to people with knowledge of the matter. The final aim of this rebalancing exercise is to hold 64-68% stake across firms. The stake sale will begin with Ambuja Cement and Adani Power while the holding will be increased in Adani Green Energy.
Over the next decade, the promoter family wants to mimic the shareholding structure of large US-listed utility companies that have a mix of retail, long-only shareholders other than mutual funds.
«Based on volume and price, roughly half a percent to 3% of the overall promoter stake will be traded every year as a part of the portfolio management and balancing aspect,» said one of the persons cited. The Adani Group did not respond to queries.
Process Begins
The promoters are initiating the exercise with a sale of 2.8% stake in Ambuja Cement for $500 million that could take place through a block deal on Friday.
This could be followed by another block deal of a similar amount in the cement company in the next few months, the people said.
The Adani family is also looking to sell around 3% of Adani Power before the year-end. They're looking to generate ₹8,000-10,000 crore from this.
The family will increase its stake in Adani Green Energy, of which it currently holds
