At a time when there is a cloud over the identity of foreign shareholders of Adani group companies, its promoters have quietly started accumulating the stocks of Adani Ports and Special Economic Zone (APSEZ) and Adani Green Energy from the open market.
Promoters of the two Adani group companies have purchased shares worth over ₹1,810 crore from the open market in June 2021 so far.
As per the disclosures about insider trading under Regulation 7 (2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, the promoter group entities have hiked the holding in APSEZ and Adani Green Energy (AGEL) respectively via market purchases between June 10 and June 22.
Hike in stake
Foreign promoter group entities, Worldwide Emerging Market Holdings and Infinite Trade and Investment have hiked their stakes in APSEZ from 3.81 per cent to 3.97 per cent and from nil holding to 0.09 per cent respectively. Worldwide Emerging Market Holdings has bought over 33 lakh shares in APSEZ between June 18 and 22. Infinite Trade and Investment bought 19.3 lakh shares in APSEZ worth ₹126.8 crore.
The additional 52.3 lakh share purchase by promoter group entities increased the total promoter holding to 63.99 per cent from 63.74 per cent.
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Separately, the promoter group also hiked stake in AGEL through Infinite Trade and Investment between June 10 and June 22 worth ₹1,446.43 crore.
Disclosures by AGEL to the exchanges showed a total of 1.24 crore shares were bought by Infinite Trade and Investment through nine transactions during the period. Following this, Infinite Trade’s holding in AGEL went up from 1.37 per cent to 2.17 per cent as on June 22.
Due to this, the promoter holding in AGEL increased by 0.8 per cent to 57.09 per cent from 56.29 per cent.
On Wednesday, shares of APSEZ ended at ₹718.70, down 3.21 per cent from the previous close while shares of AGEL were down 1.14 per cent to end at ₹1157.80 on the BSE.
Source: The Hindu Business Line