Mumbai
The promoter group led by billionaire Gautam Adani has increased its stake in two of the Adani Group’s listed companies as part of its ongoing efforts to implement a recovery strategy following damaging reports and a stock market decline. According to stock exchange filings, the promoter group has raised its stake in the flagship company Adani Enterprises to 71.93 percent from 69.87 percent. This marks the second time in less than a month that the promoters have increased their stake in Adani Enterprises.
The promoter group has also increased its stake in Adani Ports and Special Economic Zone Ltd from 63.06 percent to 65.23 percent. The stake increase comes after Resurgent Trade and Investment Ltd acquired nearly 1 percent of Adani Ports and Special Economic Zone Ltd through open market transactions, while Emerging Market Investment DMCC purchased an additional 1.2 percent. Both of these firms are part of the promoter group.
In the case of Adani Enterprises Ltd, the shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd. The transactions took place between August 14 and September 8. GQG Partners has increased its stake in several Adani Group firms and has shrugged off the allegations made against the group. Other investors, including Qatar Investment Authority (QIA) and Bain Capital, have also invested in Adani Group firms, helping to restore confidence in the company.
As part of their recovery efforts, the Adani Group firms have received board approvals for primary issuances through share sales to investors, with plans to raise significant capital for various projects, including green hydrogen initiatives and renewable energy projects.
