Group promoters raise stakes in Adani Enterprises, Green Energy

Adani Enterprises and Adani Energy Solutions are in the process of finalising their fund raising plans. On Tuesday, the of Adani Enterprises approved raising ₹16,600 crore through qualified institutional placement (QIP) and other methods. A day earlier, Adani Energy Solutions approved raising ₹12,500 crore through and other methods.

According to NSE data, Adani group entity bought shares worth ₹764 crore in Adani Enterprises, while acquired shares worth ₹1,398 crore in the company. Similarly, Ardour Holding bought shares worth ₹1,599 crore in Adani Green Energy, while another group entity, Adani Tradelines, bought shares worth ₹908 crore.

Agencies

As on March 31, owned 72.61% in Adani Enterprises and 56.37% in Adani Green.

Last month, the Adani Group increased its stake in Ambuja Cements by 3.6% through conversion of warrants, taking its stake in the company to 70.3%. The group converted the remaining warrants worth ₹8,339 crore.

The Adani family sold shares in several group companies in the first-half of 2023 following an adverse report by US-based short-seller Hindenburg in January. The report alleged accounting fraud and stock price manipulation within the group, triggering a stock market rout that erased about $ 150 billion in market value at its lowest point. The Adani group denied all the allegations.

In the first tranche, the Adani family sold stakes worth $1.87 billion in four listed group companies to the US-based boutique investment firm GQG Partners in March.