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

The Adani promoters purchased shares in the company from the open market between 5 September and 25 September

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

#Business news #Business #stake #raise #Adani Power #promoters
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