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A group of promoters led by industrialist Gautam Adani has increased its stake in two listed group companies. The group, which operates in the port to energy sector, is trying to make a comeback after some reported losses. According to information sent to stock exchanges, the promoter group has increased its stake in its flagship company Adani Enterprises to 71.93 percent from 69.87 percent. This is the second time in less than a month that promoters have increased stake in the group’s flagship company.
The state-owned company this September on record date at Rs.1 per share. 33 is being paid as a dividend
Last month, the promoters increased their stake in Adani Enterprises Ltd to 69.87 percent from 67.65 percent. Apart from this, the promoter group has increased its stake in Adani Ports and Special Economic Zone Limited from 63.06 percent to 65.23 percent.
Resurgent Trade and Investment Ltd bought about one per cent stake in Adani Ports and Special Economic Zone Ltd from the open market and another 1.2 per cent stake was bought by Emerging Markets Investments DMCC. Both are promoter group companies. In the case of Adani Enterprises Limited, the shares have been bought by Campus Trade and Investments Limited and Infinite Trade and Investments Limited.
Money doubles in 1 year, now share will be divided into 5 parts
The information said that the shares were bought in an open market transaction between August 14 and September 8. A few weeks before this, US-based GQG Partners had bought stakes in Adani Group companies. GQG last month raised its stake in Adani Ports and Special Economic Zone (APSEZ) to 5.03 per cent through a wholesale deal. GQG now has stake in five out of 10 Adani Group companies.
It bought 7.73 percent stake in Adani Power Limited on August 16. Promoter group companies Worldwide Emerging Markets Holdings and Afro Asia Trade and Investments sold 8.09 per cent stake in Adani Power in a major deal on August 16. 7.73 percent of it was bought by GQG. After the stake sale, the promoters’ stake in Adani Power has come down from 74.97 percent to 66.88 percent.
American short-seller Hindenburg Research, in a report released on January 24, accused the Adani group of accounting fraud, share price manipulation and abuse of tax havens, which reduced the group companies’ market capitalization by about $150 billion. The group denied the allegations. However, now the shares of Adani Group companies have seen some improvement.