adani power stock update: Adani Power promoter entities buy 2% stake via open market; cumulative holding tops 70%

MUMBAI – Two promoter group entities in Adani Power have acquired 2% additional stake in the company in a staggered manner since September through the open market, according to exchange disclosures.

Ardour Investment Holding and Emerging Market Investment DMCC, who are part of the promoter group entities, acquired 7.92 crore shares or 2.06% stake in Adani Power between September 26 and November 16.

Following the acquisition, the cumulative shareholding of promoters increased to 71.14%.

In the early part of September, promoter entities Fortitude Trade and Investment Ltd and Emerging Market Investment DMCC had acquired 8.5 crore shares or 2.2% stake in Adani Power, which had taken the cumulative holding of the promoter group to 69.09%.

On Friday, shares of Adani Power ended 0.6% down on the National Stock Exchange at Rs 387.30. So far in 2023, the stock has given more than 29% returns to investors.

For the September quarter, the company had reported robust earnings, with the consolidated net profit surging more than 9 times year-on-year (YoY) to Rs 6,594 crore, and the revenue increased by a whopping 84%.

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