Promoters Inject Rs 23,000 Cr In Five Adani Group Firms
Promoter stakes rise in Adani Energy Solutions, Adani Enterprises, Ambuja Cement, Adani Power, and Adani Green Energy, reflecting confidence in long-term growth prospects
Promoters have increased their holdings in five Adani Group companies—Adani Energy Solutions, Adani Enterprises, Ambuja Cement, Adani Power and Adani Green Energy by investing over Rs 23,000 crore during the June quarter, according to the latest shareholding data.
In Ambuja Cement, promoter holding rose by 3.59 percentage points to 70.33 per cent from 66.74 per cent. In April, the company stated that the Gautam Adani family had invested an additional Rs 8,339 crore towards capacity expansion. This follows earlier investments of Rs 5,000 crore in October 2022 and Rs 6,661 crore in March this year.
Together, these investments complete the planned Rs 20,000 crore capital infusion into Ambuja Cements.
For Adani Enterprises, promoter holding increased by 2.11 percentage points to 74.72 per cent during the quarter. With an average stock price of Rs 3,175 during the period, promoters likely spent around Rs 7,600 crore for the additional stake.
Notably, promoter holding in Adani Green Energy rose by 1.15 percentage points to 57.52 per cent, costing promoters approximately Rs 3,200 crore, based on the average stock price of Rs 1,788 during the quarter.
In Adani Power, promoter holding went up by 0.96 percentage points to 72.71 per cent, while in Adani Energy Solutions, it increased by 1.72 percentage points to 74.94 per cent. Based on the average stock prices for the quarter, these additional stakes cost promoters roughly Rs 2,642 crore and Rs 1,917 crore, respectively.
Promoter stakes in ACC, Adani Ports and Special Economic Zone, Adani Total Gas, and Adani Wilmar remained unchanged from the previous quarter.
In contrast, foreign investors significantly reduced their holdings across several Adani Group companies during the June quarter. Rajiv Jain's GQG Partners retained their stakes in various Adani Group stocks, except for ACC and Adani Power, selling around 34 lakh shares of Adani Power, valued at Rs 244 crore, and 35.73 lakh shares of ACC, valued at Rs 240 crore.
Foreign Institutional Investor (FII) holdings in Adani Enterprises dropped from 14.41 per cent to 11.73 per cent. Similarly, FII exposure to Adani Energy Solutions decreased from 17.49 per cent to 15.53 per cent, Ambuja Cements from 11.09 per cent to 9.59 per cent, Adani Green Energy from 18.15 per cent to 16.91 per cent, and ACC from 6.17 per cent to 5.64 per cent. Slight decreases in FII stakes were also observed in Adani Total Gas, NDTV, and Adani Wilmar, while Adani Ports and Special Economic Zone saw an increase of 0.21 percentage points.
Last week, the Supreme Court dismissed a plea for reviewing its 3 January decision not to transfer the probe into stock price manipulation allegations against the Adani Group to a special investigation team or the CBI. The court upheld its previous ruling that the Securities and Exchange Board of India's (Sebi) ongoing investigation into the allegations inspires confidence, despite claims of errors in the judgement and new material presented by the petitioner's counsel.
