📷 Image Credits: Moneycontrol
Gautam Adani, the promoter of Adani Enterprises, along with companies within the promoter group, has been actively increasing their stake in the company through open market purchases. As per an exchange filing released on June 14, the acquisitions have been ongoing from September 2023 to June this year. Entities belonging to the promoter or the promoter group have acquired over two percent stake in Adani Enterprises through several transactions.
The market purchases in shares of Adani Enterprises were made on varying dates by different entities within the promoter group. Infinity Trade and Investment obtained 0.68% of the stake between September 8-12, 2023. Following this, Kempas Trade and Investment acquired 0.42% during May 10-14, 2024, and Emerging Market Investment DMCC purchased 0.92% from May 21 to June 12, 2024.
The total voting capital of the acquirers and the promoter group initially stood at 71.95% and has risen to 73.95% after the recent purchases, marking a 2.02% increase. Despite a 25 percent drop in Adani Group shares on June 4, the company experienced significant gains in prior trading sessions, with shares up by 12% for the year. Notably, the company managed to bounce back from the losses incurred after a short-seller report by Hindenburg Research in January 2023.
This uptrend in stake acquisition underscores the confidence of Gautam Adani and the promoter group in the prospects of Adani Enterprises. The firm’s resilience in the face of market fluctuations and its strategic growth initiatives have solidified its position in the market. Investors will likely closely monitor the impact of these stake purchases on the company’s performance and future trajectory. As the Indian business landscape continues to evolve, Adani Enterprises’ strategic moves remain a focal point for industry observers and stakeholders.
