Adani Group chairman Gautam Adani and other promoters have increased their stake in Adani Enterprises (AEL), the group’s flagship company, by buying 2.02% stake through open market purchases.
Following the stake purchases, executed between September 2023 and June this year, the promoters’ stake in the flagship firm has risen to 73.95%, according to stock exchange data.
Infinite Trade and Investment, a promoter group firm, bought 7.7 million shares or 0.68% stake in AEL, over four days from September 8-12 last year. Kempas Trade and Investment acquired 4.8 million shares or 0.42% stake between May 10-14 this year.
Later, Emerging Market Investment DMCC bought 10.5 million shares or 0.92% stake between May 21 and June 12. Prior to the purchases, the total voting capital with the promoter group was at 71.95%.
Earlier on May 28, AEL got board approvals to raise Rs 16,600 crore through qualified institutional placement (QIP) or other permissible modes in one or more tranches. This is the first fundraise from the capital markets after the cancellation of the Rs 20,000-crore follow-on public offering (FPO) in February last year.
This came after the January 2023 report by Hindenburg Research had accused Adani Group of significant governance issues, bringing the group’s market capitalisation down by a half. The group had denied all the allegations.
Shares of AEL closed up 1.23% at Rs 3,263.50 on the BSE on Friday.