Adani Power promoters raise stake by 2.06%, shares rise

Adani Power shares added 1.5 percent in early trade on November 20. Ardour Investment Holding and Emerging Market Investment DMCC, two of the company’s promoters, have raised their stakes in the company during September 26 to November 16.

The two Adani Power promoters increased their stake through open market transactions. Ardour Investment raised its shareholding by 1.93 percent or 7.42 crore shares, while Emerging Market Investment DMCC added 0.13 percent or 50 lakh shares to its holdings.

As of 10.07am on November 20, shares of Adani Power were trading at Rs 390.7 on the NSE.

Follow our market blog to catch all the live action

Prior to the equity acquisitions, the promoters held a combined stake of 69.06 percent, which has been raised to 71.14 percent or 274.39 crore shares. However, according to the September quarter shareholding data, all the promoter holdings were at 70.02 percent.

This is the second instance of promoters raising their shareholding in the recent past. In September, Adani Power noted that Fortitude Trade and Investment and Emerging Market Investment DMCC raised their combined shareholding by around 2 percent.

Between September 5 and September 21, Fortitude Trade and Investment purchased 6.59 crore shares in the company through open market transactions, translating to a stake of 1.71 percent.

According to the promoter shareholding data from the quarter ended September, the SB Adani Family Trust held 36.86 percent in the company, while Flourishing Trade And Investment owned 11.46 of the shares in the company. Emerging Market Investment DMCC held 5.48 percent.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.