 "Adani Enterprises promoters raise stake in company by 2.02% to 73.95%")
The promoters of Adani Enterprises have increased their stake in the company to 73.95 per cent by acquiring an additional 2.02 per cent stake between September 8, 2023, and June 12, 2024, according to a regulatory filing on Friday.
Several entities under the Adani umbrella executed these acquisitions:
Infinite Trade and Investment Ltd: Acquired 7,703,200 equity shares (0.68 per cent) between September 8 and 12, 2023.
Kempas Trade and Investment Ltd: Acquired 4,825,000 shares (0.42 per cent) between May 10 and 14, 2024.
Emerging Market Investment DMCC: Acquired 10,495,000 equity shares (0.92 per cent) between May 21 and June 21, 2024.
Earlier, in September 2023, Adani Enterprises had announced that Kempas Trade and Investment Ltd had acquired a 0.61 per cent stake between August 21 and 22, 2023. Meanwhile, Infinite Trade and Investment Ltd purchased a 1.46 per cent stake between August 30 and September 7, 2023.
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Under Indian market regulations, promoters are restricted from acquiring more than a 75 per cent stake in a company. With the recent acquisitions, the promoters of Adani Enterprises are nearing that threshold.
On Friday, the total market capitalisation of Adani Enterprises stood at Rs 3.72 trillion.
Adani Group has made headlines recently as the group is working to expand its operations in various sectors. On Thursday, Adani Group’s Ambuja Cements announced that it was acquiring Hyderabad-based Penna Cement Industries Ltd (PCIL) at an enterprise value of Rs 10,422 crore. This would be the third acquisition of a cement company by the group since its foray into the sector two years ago.
On the BSE, the Adani Enterprises stock ended at Rs 3,269.00 on Friday, up 1.37 per cent over its previous close, ahead of the news of promoters’ stake purchase.