Adani Group has raised its stake in Adani Enterprises to 71.93 per cent from 69.87 per cent, according to stock exchange data
Adani Group stocks
Adani Group stocks
Outlook Business Desk
Published on :
11 Sep 2023, 10:43 am
Shares of Adani Group’s flagship firm Adani Enterprises and Adani Ports & SEZ, surged over 2 per cent on Monday after the promoter group raised equity stakes in both the group companies. At 12:20 PM, the Adani Enterprises stock was trading 1.54 per cent higher at Rs 2,558.55 and Adani Ports was trading 6.27 per cent higher at Rs 877.70.
Adani Group has raised its stake in Adani Enterprises to 71.93 per cent from 69.87 per cent, according to stock exchange data. This is the second time in less than a month that the promoters have increased their stake in the flagship company. Last month, the promoters raised their stake in Adani Enterprises from 67.65 per cent to 69.87 per cent.
The promoter group also raised its stake in Adani Ports & SEZ from 63.06 per cent to 6.23 per cent, according to stock exchange filings. Promoter group firms, Resurgent Trade and Investment Ltd and Emerging Market Investment DMCC, picked 1 per cent and 1.2 per cent stake, respectively, in Adani Ports and Special Economic Zone Ltd in open market transactions.
Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd acquired stakes in Adani Enterprises. According to the exchange filing, the stakes were purchased in open market transactions between 14 August and 8 September.
Last month, US-based boutique investment firm GQG Partners bought stakes in Adani Group companies. GQG has raised its stake in Adani Ports to 5.03 per cent through a bulk deal, exchange filings showed.
In addition, Adani Global, Singapore, a wholly-owned subsidiary of the group, has entered into a 50-50 joint venture (JV) with Kowa Holdings Asia, Singapore. The JV agreement is aimed at facilitating the sales and marketing of green ammonia, green hydrogen, and related products manufacturd and supplied by the Adani Group.
Other Adani Group stocks, including Adani Green, Adani Energy Solutions, Adani Wilmar, Adani Total Gas, NDTV, ACC, and Ambuja Cements, jumped up to 3 per cent.
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