ADANI INCREASES OWNERSHIP IN THE POWER SECTOR

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The promoters of Adani Power have increased their ownership in the company by 2.21%, bringing their total stake to 69.09%. In the recent weeks, these promoters also raised their stakes in two other group firms. According to stock exchange filings, two promoter entities acquired a combined total of over 8.50 crore shares between September 5 and September 25. Fortitude Trade and Investment purchased 6.58 crore shares, equivalent to 1.71% of the total equity, while Emerging Market Investment DMCC bought 1.92 crore shares, representing 0.5%. The total value of these purchases amounted to Rs 3,198 crore. Adani Power’s shares closed at Rs 375.25 on Thursday, with a current market capitalization of Rs 1.44 lakh crore.

Earlier this month, regulatory filings revealed that two promoter entities acquired an additional 2.06% stake in Adani Enterprises Ltd (AEL) from the open market, resulting in the promoter’s stake increasing to 71.93%. Kempas Trade and Investment purchased 68.99 lakh shares, constituting 0.61% of its equity between August 21 and August 22, while Infinite Trade acquired 1.6 crore shares (1.46%) between August 30 and September 7.

Abu Dhabi’s International Holding Company, one of the early high-profile investors in Gautam Adani’s conglomerate, has decided to divest its stake in two Adani companies. In a disclosure, IHC announced that it has “entered into a definitive agreement with a buyer to divest its FDI investment in Adani Green Energy Ltd and Adani Transmission Ltd,” without disclosing the buyer’s name. In April 2022, IHC had invested approximately $500 million each in Adani Green Energy and Adani Transmission, along with an additional $1 billion in Adani Enterprises. At the time, IHC’s CEO Syed Basar Shueb described Adani as a “long-term investment in India.” IHC stated that the disposals of Adani assets were part of its “overall portfolio rebalancing strategy” and that it was in the process of completing the necessary regulatory paperwork to finalize the transaction. The statement did not mention IHC’s stake in Adani Enterprises.

The Adani Group has replaced the auditor of its primary UK subsidiaries with the smaller London-based firm Ferguson Maidment & Co, following the resignation of the previous auditor, Crowe UK, in March. Ferguson Maidment audited Adani Energy Holdings and its subsidiaries, whose filings were submitted to the British government agency Companies House last month.

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