Gautam Adani, along with the promoters of Adani Enterprises and associated companies, acquired over two percent of the company’s stake from the open market between September 2023 and June 2024, according to a statement to stock exchanges.
The exchange filing detailed that the purchases were made by different entities at different times: Infinity Trade and Investment acquired a 0.68% stake between September 8-12, 2023; Kempas Trade and Investment acquired a 0.42% stake between May 10-14, 2024; and Emerging Market Investment DMCC acquired a 0.92% stake between May 21 and June 12, 2024.
Prior to these acquisitions, the total voting capital or shares with voting rights held by the acquirers and the promoter group was 71.95%. Following these open market purchases, this has increased by 2.02%, reaching a total of 73.95%.
On the day of the Lok Sabha election results, Adani Group shares plummeted by 25 percent but have since rebounded and seen significant gains in recent trading sessions. This year, shares of Adani Enterprises have risen by 12 percent, recovering all the losses incurred from the Hindenburg Research report released in January 2023.
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