Adani Power announced on Thursday that two promoter group companies, Fortitude Trade and Investment and Emerging Market Investment DMCC, have collectively acquired 2.1 percent of the Adani group company’s shares since the beginning of September.
According to a BSE filing, between September 5 and September 21, Fortitude Trade and Investment purchased 6,58,47,000 shares, or 1.71 percent, of Adani Power. Additionally, between September 21 and September 25, Emerging Market Investment DMCC purchased an additional 1,92,00,000 shares, or 0.50 percent, of Adani Power.
The two organisations have acquired a combined 8.5 crore shares of Adani Power, increasing their promoter interest from 66.88 percent to 69.09 percent. Adani Power stock recovered some of its losses and was nearly unchanged at Rs. 374.90 on the BSE.
As of June 30, Emerging Market Investment DMCC owned 19,23,000 shares, or 4.99 percent of Adani Power. It currently holds 5.48 percent of Adani Power, or 21.15 crore shares, as a result of the recent stock acquisition. As of June 30, Fortitude Trade and Investment, which is owned by the promoters, was not a shareholder in Adani Power.
Between August 21 and September 7, the promoters of Adani Enterprises increased their ownership position in the business by 2.06 percentage points through Kempas Trade and Investment and Infinite Trade & Investment. Compared to their previous ownership of 69.87 percent, AEL promoters now own 71.93 percent of Adani Enterprises.
According to a Kotak Institutional Equities report, the buying by Adani promoters was noticed in September as five of the group’s companies—Adani Power, Adani Energy Solutions, Adani Enterprises, Adani Green Energy, and Adani Ports & SEZ—sold stakes totaling Rs 37,000 crore so far in 2023, accounting for 40% of all promoter selling in the NSE500 pack this year.