Adani Power promoters raise stake by 2.21% for ₹3,170 crore

Adani Power Ltd 's two promoter group entities, Fortitude Trade and Investment Ltd and Emerging Market Investment DMCC, have hiked their stake in the power generation firm by 2.21%.

The Adani promoters purchased shares in the company from the open market between 5 September and 25 September, according to regulatory filings.

The value of the stake purchased is estimated to be ₹3,170 crore, according to the volume-weighted average price of Adani Power during the said period.

With the latest purchase, the overall promoter stake in Adani Power has increased to 69.09%.

Fortitude Trade and Investment Ltd acquired 6.58 crore shares or 1.71% of the total equity between 5 September and 21 September 2023.

On the other hand, Emerging Market Investment DMCC acquired 1.92 crore shares or 0.5% between 21 September and 25 September 2023.

Adani Group stocks have been in recovery mode over the past six months.

Soon after a 24 January damning report against the Adani Group by US-based short-seller Hindenburg Research, as stocks of Adani group firms plummeted, US-based boutique asset manager GQG Partners purchased significant stakes in several Adani group firms in quick succession.

This included an 8.1% acquisition of Adani Power for ₹8,811 crore, 5% in Adani Enterprises for ₹9,600 crore, 6.3% of Adani Green for ₹7,038 crore, 5.03% in Adani Ports for ₹7,467 crore, and 5.5% in Adani Transmission for ₹4,525 crore.