Adani group promoters looking to trim more stake to build cash reserves

The promoters of the Adani group are looking to cut more of their stake in the group's companies to create a liquidity buffer for new opportunities, The Economic Times (ET) reported on Thursday. So far, the promoters have sold stakes to GQG partners and are now having discussions with global investors to divest more.

"They (promoters) are of the view that building cash reserves is the best way forward given the uncertain global investment environment," a person aware of the matter was quoted as saying in the report.

The Adani family owns over 60 per cent stake in the group's listed companies, except Adani Green Energy and ACC Ltd.

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In the past few months, they have sold shares worth $3 billion to GQG Partners in multiple transactions. The latest sale took place on June 30. Recently, another promoter entity, Fortitude Trade and Investment, sold its entire 3.04 per cent stake in Adani Transmission for about Rs 2,665 crore.

Almost all the shares of the group that were pledged have been released, and the promoters of the group are now focussing on building a liquidity buffer. The report also added that the group had set priorities on infrastructure assets like ports, airports and green energy projects.

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In January this year, US-based short-seller Hindenburg Research published a report accusing the Adani Group of stock price manipulation and fraud using offshore entities.

The Adani Group denied all allegations. Its stocks plunged but have now regained some losses since then.