Promoters increase their stake in Adani Enterprises

18 Jun 2024 , 10:30 AM

On Friday (June 14), Adani Group’s promoter entities, led by billionaire Gautam Adani, upped their shareholding in Adani Enterprises Ltd (AEL) by 2.02%.

This increases their entire investment in Adani Enterprises from 71.93% to 73.95%, according to a stock exchange filing. The increase in ownership was achieved through a series of open market transactions made by various companies within the promoter group.

Between September 2023 and June 2024, the promoter group purchased a significant number of shares. Infinite Trade and Investment Ltd purchased 77,03,200 equity shares, or 0.68% of AEL, over a four-day period from September 8 to 12, 2023.

Following that, Kempas Trade and Investment Ltd purchased 48,25,000 equity shares, representing a 0.42% holding, between May 10 and 14, 2024. The largest important acquisition was undertaken by Emerging Market Investment DMCC, which purchased 1,04,95,000 equity shares, or 0.92% stake in the company, between May 21 and June 12, 2024.

Adani Enterprises approved raising ₹16,600 Crore through institutional share sales or other legal methods. Adani Enterprises has not disclosed the timing for a qualified institutional placement (QIP) or the various means by which it plans to raise these funds.

The fundraising will be subject to shareholder approval at the company’s upcoming annual general meeting (AGM), scheduled for June 24, 2024. In 2023, Adani Enterprises planned to raise ₹20,000 Crore through the country’s largest follow-on public offer (FPO), offering shares at ₹3,112-3,276 per unit. The FPO also got a full subscription.

At around 10.23 AM, Adani Enterprises was trading 0.84% higher at ₹3,289 per piece, against the previous close of ₹3,261.75 on NSE. The counter touched an intraday high and low of ₹3,345, and ₹3,287, respectively.

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