Adani Power promoter entities buy additional 2.21% stake; stock reacts – Business Today

Adani Power on Thursday said two promoter group entities namely Fortitude Trade and Investment and Emerging Market Investment DMCC bought a combined 2.1 per cent stake in the Adani group company in September so far. As per a BSE filing, Fortitude Trade and Investment bought 6,58,47,000 shares, or 1.71 per cent, stake in Adani Power between September 5 and September 21. Besides, Emerging Market Investment DMCC bought an additional 1,92,00,000 shares, or 0.50 per cent, stake in Adani Power between September 21 and September 25.
A total of 8.5 crore Adani Power shares have been bought by the two entities, raising promoter stake in the company to 69.09 per cent from 66.88 per cent earlier. Shares of Adani Power cut losses and were trading almost flat at Rs 374.90 on BSE.
Emerging Market Investment DMCC held 19,23,00,000 shares, or 4.99 per cent stake in Adani Power as on June 30. With the fresh stake purchase, it now owns 5.48 per cent stake, or 21.15 crore shares, in Adani Power. Fortitude Trade and Investment, which belongs to promoters, was not among Adani Power shareholders as on June 30.
Earlier this month, the Adani group promoters was seen buying shares in Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd. Through Kempas Trade and Investment and Infinite Trade & Investment, Adani Enterprises promoters had upped stake in the company by 2.06 percentage points between August 21 and September 7. AEL promoters now own 71.93 per cent stake in Adani Enterprises against 69.87 per cent earlier.
Besides, Adani Ports had seen promoters entities namely Resurgent Trade and Investment and Emerging Market Investment DMCC had acquired an additional 2.17 per cent stake from August 14 to September 8, taking their total stake in the company to 65.23 per cent.
The buying by Adani promoters have been observed in September, as five group firms Adani Power, Adani Energy Solutions, Adani Enterprises, Adani Green Energy and Adani Ports & SEZ sold Rs 37,000 crore worth stakes so far in 2023, and accounted for 40 per cent of the total promoter selling in the NSE500 pack this year, as per a Kotak Institutional Equities report.
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