Adani Group promoters raise stake in Adani Enterprises

Adani Group chairman Gautam Adani and other promoters of Adani Enterprises have raised their stake in the flagship conglomerate to 73.95% by buying an additional 2.02% stake between September 8, 2023 and June 12, 2024.

According to a stock exchange filing, several entities owned by the Adani group promoters executed open market purchases to acquire additional stake.

Infinite Trade and Investment Ltd acquired 7,703,200 equity shares (0.68%) between September 8 and 12, 2023.

Kempas Trade and Investment Ltd purchased 4,825,000 shares (0.42%) between May 10 and 14, 2024.

Emerging Market Investment DMCC acquired 10,495,000 equity shares (0.92%) between May 21 and June 21, 2024.

In September 2023, Adani Group promoters increased their stake in the flagship Adani Enterprises from 69.87% to 71.93%. Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd bought shares in the company through open market transactions between August 14 and September 8.

Adani Group is back on an expansion spree and eyeing $90 billion capex over the next decade.

Jefferies has a ‘Buy’ rating on four Adani Group companies – flagship Adani Enterprises, Adani Ports and Special Economic Zone, Adani Energy Solutions, and Ambuja Cements.

After a short seller report hit Adani Group's market cap during the later part of the financial year 2022-23, Adani Group focused on containing debt, and reducing founders share pledges in FY24, Jefferies said after analysing the earnings performance of the Gautam Adani-led conglomerate.

During FY24, Adani Enterprises’ 29% EBITDA growth was led by growth in new incubating businesses (ANIL/solar, Airports) and IRM trading Business.

Adani Enterprises is scaling its captive manufacturing capacity towards starting green hydrogen production by FY27, said Jefferies. Navi Mumbai Airport appears likely to commission by Q4 FY25, it said.

On Thursday, Adani Group’s Ambuja Cements announced the acquisition of Penna Cement Industries Ltd (PCIL) for ₹10,422 crore. The deal, sealed through a binding agreement, will see Ambuja taking over PCIL entirely from its current owners, the P. Pratap Reddy family.

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