Promoters of the Adani Group have raised their stakes in three group companies during the September quarter while reducing their holdings in Ambuja Cements, aligning with the conglomerate's strategy to rebalance its positions in listed firms.
The promoters aim to ultimately hold stakes of 64-68% across the group companies, as reported by ET in August. They increased their stake in Adani Enterprises, Adani Power, and Adani Green Energy during the last quarter.
Based on the average share prices for the quarter, the promoters likely spent around Rs 161.34 billion to enhance their holdings in these three companies. Notably, they raised their stake in Adani Green Energy by 3.42 percentage points, reaching 60.94% as of September 30—the highest increase among the group companies.
In the flagship Adani Enterprises, the promoters increased their stake by 17 basis points to 74.89% as of September 30, just below the 75% threshold set by the Securities and Exchange Board of India (SEBI). Similarly, in Adani Power, their stake rose by 2.25 percentage points to 74.96%, according to the latest shareholding data.
While the promoters increased their stake in Adani Power during the quarter, they plan to reduce it by the end of the year. Sources indicate that they intend to sell a 3% stake to raise approximately Rs 80 billion to Rs 100 billion by year-end.
US investment manager GQG Partners also increased its stakes in several Adani group companies, including Ambuja Cements, Adani Power, Adani Green Energy, Adani Energy Solutions, and Adani Wilmar during the last quarter. GQG boosted its stake in Ambuja Cements by 70 basis points, reaching over 2% by the end of the September quarter.
Meanwhile, Adani Group promoters reduced their stake in Ambuja Cements by 2.76 percentage points to 67.57% during the same period.
Last week, Adani Enterprises raised $500 million through a qualified institutional placement (QIP) and had shareholder approval to raise Rs 166 billion. Earlier in the September quarter, Adani Energy successfully raised $1 billion through a QIP that was oversubscribed by six times, with GQG Partners among the investors.
(ET)
