Thursday, Adani Power said that two promoter group companies, Fortitude Trade and Investment and Emerging Market Investment DMCC, have bought a total of 2.1% of the Adani group company so far in September. According to a statement with the BSE, Fortitude Trade and Investment bought 1.71 percent of Adani Power, or 6,58,47,000 shares, between September 5 and September 21. Also, between September 21 and September 25, Emerging Market Investment DMCC bought an extra 1.9 million shares, or 0.5% of Adani Power.
The two companies bought a total of 8.5 crore Adani Power shares. This brought the shareholder stake in the company up from 66.88% to 69.09%. Shares of Adani Power stopped falling and were selling at Rs 374.90, which is almost the same as before.
As of June 30, Emerging Market Investment DMCC owned 19.23 million shares of Adani Power, which is 4.99% of the company. With the new stake deal, it now owns 5.48 percent of Adani Power, which is equal to 21.15 crore shares. As of June 30, Fortitude Trade and Investment, which is owned by the founders, was not one of the companies that owned shares in Adani Power.
The people who run the Adani group were seen buying stock in Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd earlier this month. Between August 21 and September 7, the founders of Adani Enterprises increased their stake in the company by 2.06 percentage points through Kempas Trade and Investment and Infinite Trade & Investment. Adani Enterprises is now owned by AEL’s founders to the tune of 71.93 per cent, up from 69.87 per cent before.
Also, between August 14 and September 8, investors Resurgent Trade and Investment and Emerging Market Investment DMCC bought an extra 2.17 percent stake in Adani Ports, bringing their total stake in the company to 65.23 percent.
A Kotak Institutional Equities report says that Adani promoters bought shares in September. This is because five group firms—Adani Power, Adani Energy Solutions, Adani Enterprises, Adani Green Energy, and Adani Ports & SEZ—have sold stakes worth Rs 37,000 crore so far in 2023. This is 40% of all promoter sales in the NSE500 pack this year.