Adani Group shares in focus; Adani Enterprises up 5% as IHC hikes stake

In an exchange filing with the BSE, AEL said Green Vitality RSC had on Tuesday, Oct 3, acquired an additional 643,134 equity shares representing 0.06% total equity in the company from the open market.

Shares of Adani Group companies were trading firm and rallied up to 9 per cent on the BSE in Wednesday’s intra-day trade in an otherwise weak market after Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday said it increased its stake in Adani Enterprises (AEL) to more than 5 per cent.

The move comes barely a week after the UAE-based company exited Adani Green and Adani Transmission by selling its entire holding.

Shares of AEL have rallied 5 per cent to Rs 2,501 on the BSE in intra-day trade today. Among other Adani Group stocks, Adani Wilmar surged 9 per cent to Rs 363.75, followed by New Delhi Television (NDTV) (up 6 per cent at Rs 221.15), Adani Power (3 per cent at Rs 377.50), Adani Energy Solutions (2 per cent at Rs 828.10) and Adani Green Energy (2 per cent at Rs 997.15). In comparison, the S&P BSE Sensex was down 0.90 per cent at 64,931 at 01:46 PM.

In an exchange filing with the BSE, AEL said Green Vitality RSC had on Tuesday, October 3, acquired an additional 643,134 equity shares representing 0.06 per cent total equity in the company from the open market.

Green Vitality was acting on behalf of Green Enterprises Investment Holding RSC and Green Energy Investment Holding RSC, both subsidiaries of IHC. With this, IHC’s total holding in Adani Enterprises now stands at 5.04 per cent from 4.98 per cent earlier.

AEL see IHC’s increased stake as a ringing endorsement of its robust capex plans, governance and transparency. This inter-generational relationship with IHC reflects well on India’s dynamic growth potential and offers substantial returns to the company’s stakeholders, said Adani Group spokesperson.

With IHC's decision to enhance its investment in AEL, which further validates AEL's standing as a global leader in incubating new businesses, particularly in sustainable infrastructure, developing global aviation infrastructure and equitable energy transition, the company said.

Meanwhile, between August 21, and September 7, 2023, AEL’s promoters’ Kempas Trade and Investment & Infinite Trade and Investment collectively acquired 23.5 million shares or 2.06 per cent stake in the company via open market. Post acquisition, the promoters holding in AEL increased to 71.93 per cent from 69.87 per cent, according to disclosure made by the company to stock exchange.

At the end of June 2023 quarter, the promoters total holding in AEL stood at 67.65 per cent, the shareholding pattern data shows.