Promoters Of Adani Power Acquire Additional 2.21% Stake

Adani Power reported on Thursday that two promoter group companies, Fortitude Trade and Investment and Emerging Market Investment DMCC, have collectively acquired 2.21 percent of the Adani group company since the beginning of September.

Fortitude Trade and Investment bought 6,58,47,000 shares of Adani Power between September 5 and September 21, according to a BSE filing, for a 1.71% stake. Additionally, from September 21 to September 25, Emerging Market Investment DMCC purchased 1,92,00,000 additional shares, or 0.50% of Adani Power.

The two promoters have acquired 8.5 crore Adani Power shares. Following the fresh acquisition, the promoter group now hold 69.09% stake in the company.

Adani Power stock on Thursday closed at Rs 375.25 apiece with intraday highs and lows of Rs 379.95 and Rs 372.35, respectively. It gained 2.05% in 1 year, and 910.09% in 3 years.

Gautam Adani has been tightening his hold on his own companies, which include Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Energy Solutions.

Adani had turned to stake sales in significant group firms to raise money to settle share-backed loans and other short-term maturing liabilities in the wake of the Hindenburg Research claims and the significant debt on its books.