Gautam Adani, along with the promoter group of Adani Enterprises, has increased their stake in the company by over two percent through open market purchases between September 2023 and June 2024. This was revealed in a statement to stock exchanges on June 14.
Details of Stake Purchases
The exchange filing detailed the dates and entities involved in the acquisitions:
– 0.68% stake purchased by Infinity Trade and Investment between September 8-12, 2023.
– 0.42% stake purchased by Kempas Trade and Investment between May 10-14, 2024.
– 0.92% stake purchased by Emerging Market Investment DMCC between May 21 and June 12, 2024.
Prior to these purchases, the promoter group held 71.95% of the total voting capital. The additional 2.02% acquisition increased their total stake to 73.95%.
Despite a sharp 25% decline in Adani Group shares on June 4, following substantial gains in previous sessions, Adani Enterprises’ stock has risen by 12% this year. By May 2024, the company had recovered all losses incurred due to the short-seller report by Hindenburg Research released in January 2023.
The strategic stake increase by Gautam Adani and his promoter group underscores their confidence in the company’s future and commitment to its growth.
