Promoters, Gautam Adani buy 2.4 crore shares of Adani Energy from open market: Report

Adani Energy Solutions promoters including billionaire Gautam Adani have raised stake in the company from 70.41 per cent to 72.56 per cent in the last month, a recent regulatory filing stated.

The filing stated that Adani and other promoters might have bought nearly 2.4 crore shares between August 16 and September 14, a report in the Economic Times stated. The shareholding data on the BSE site showed that promoter holding at the end of the quarter ended June stood at 68.28 per cent.

Promoter groups, like Gelt Bery Trade, Flourishing Trade And Investment, and Fortitude Trade and Investment, are promoters of erstwhile Adani Transmission, along with Gautam Adani and Rajeshbhai Shantilal Adani.

The promoter group has increased its stake in flagship Adani Enterprises to 71.93 per cent from 69.87 per cent, according to multiple stock exchange filings. It was the second time in less than a month that the promoters had raised a stake in the flagship firm. Last month, the promoters had increased their stake in Adani Enterprises from 67.65 per cent to 69.87 per cent.

Earlier in the month of September, Gautam Adani-led group announced increasing stake in two of the group's listed companies, which is part of its strategy after it lost $150 billion in group market capitalisation earlier this year after the Hindenburg Research published a report.

The group has also increased its stake in Adani Ports and Special Economic Zone from 63.06 per cent to 65.23 per cent, the report said.

Similarly, Resurgent Trade and Investment bought almost 1 per cent stake in Adani Ports and Special Economic Zone from the open market. Another 1.2 per cent stake was purchased by Emerging Market Investment DMCC. Both are promoter group firms.

In the case of Adani Enterprises, the shares were bought by Kempas Trade and Investment and Infinite Trade and Investment. The filings said the stakes were bought in open market transactions between August 14 and September 8.

These stake increase is in addition to the US-based boutique investment firm GQG Partners's buying spree in Adani group firms.

GQG has increased its stake in Adani Ports & Special Economic Zone (APSEZ) to 5.03% last month by way of a bulk deal, stock exchange filings showed. GQG now has a stake in five of the 10 Adani Group firms.

Earlier this week it was reported that mutual funds are actively buying Adani Group stocks. Adani Enterprises, Adani Power and Adani Energy Solutions saw considerable buying by mutual funds in August.

In absolute terms, mutual fund holding in Adani Power was 61 lakh shares in August, compared to 17 lakh shares in July. In value terms, it was Rs 194 crore, compared to Rs 46 crore, brokerage ICICI Securities said in its report.

Nippon AMC doubled down its holdings in Adani Enterprises. It held 12 lakh shares of the company in August, compared to 6 lakh shares in July. Meanwhile, Quant Mutual Fund bought shares of Adani Enterprises worth Rs 344 crore.

As per Nuvama's data, Quant MF held Rs 344 crore worth 14,22,000 Adani Enterprises shares at August end. It also held 42,56,000 shares worth Rs 137 crore worth Adani Power shares in the month gone by.

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