Adani Group Promoters Increase Stakes in Three Companies While Reducing It in Ambuja Cements
The promoters of the Adani Group, one of India’s largest conglomerates, have boosted their stakes in three group companies during the September quarter as part of the company’s strategy to rebalance its holdings. However, they have concurrently reduced their stake in Ambuja Cements. This move aligns with the promoters’ objective to eventually hold stakes of 64-68% in each of the group companies.
The group’s promoter individuals increased their holdings in Adani Enterprises, Adani Power, and Adani Green Energy in the last quarter. Based on the average price of shares during the same period, it is estimated that they spent around ?16,134.31 crore on raising their stakes in these three companies. The most significant increase was in Adani Green Energy, with a rise of 3.42 percentage points sequentially, taking their stake to 60.94% by the end of September.
In Adani Enterprises, the promoter group increased their stake by 17 basis points during the quarter, reaching a stake of 74.89%. However, this is marginally below the prescribed limit of 75% set by the Securities and Exchange Board of India (SEBI). Similarly, in Adani Power, the promoters’ stake went up by 2.25 percentage points to reach 74.96% according to the latest shareholding data.
Meanwhile, despite increasing their stake in Adani Power, the promoter family plans to reduce it by the year-end. They aim to sell a 3% stake, which could yield ?8,000 crore-?10,000 crore in funds. In August, sources informed ET that this move is intended to generate capital for other strategic purposes.
US investment manager GQG Partners has also shown a growing interest in the Adani Group, increasing its stake in several group companies. These include Ambuja Cements, Adani Power, Adani Green Energy, Adani Energy Solutions, and Adani Wilmar in the previous quarter. Notably, GQG Partners increased its stake in Ambuja Cements by 70 basis points, taking its holding to over 2% by the end of September.
Conversely, Adani Group promoters reduced their stake in Ambuja Cements by 2.76 percentage points during the September quarter, resulting in their stake standing at 67.57% presently.
Adani Enterprises and Adani Energy Successfully Raise Funds through Qualified Institutional Placement
Adani Enterprises recently achieved a significant milestone by raising $500 million through a qualified institutional placement. The placement received shareholders’ approval earlier, enabling the company to generate Rs 166 billion. This move demonstrates the confidence investors hold in the Adani Group.
Moreover, during the September quarter, Adani Energy also raised $1 billion through a qualified institutional placement, which was oversubscribed by six times. GQG Partners was one of the investors subscribing to the placement. This successful fundraising will play a vital role in supporting the group’s growth plans and strategic initiatives.
These developments solidify the Adani Group’s position as a prominent player across various sectors, including power, renewable energy, and infrastructure. The promoters’ continued commitment and efforts to achieve a balanced portfolio show their dedication to long-term sustainable growth.
