During the June quarter, promoters invested nearly Rs 23,000 crore to expand their interests in five Adani Group companies: Adani Energy Solutions, Adani Enterprises, Ambuja Cement, Adani Power, and Adani Green Energy. This information is based on the most recent shareholding data available.
Promoter ownership increased at Ambuja Cement from 66.74 per cent to 70.33 per cent, a 3.59 percentage point increase. The company announced in April that an extra Rs 8,339 crore had been invested towards capacity expansion by the Gautam Adani family. In October 2022, an investment of Rs 5,000 crore was made, and in March of this year, Rs 6,661 crore.
The anticipated capital infusion of Rs 20,000 crore into Ambuja Cements is now complete with these investments combined.
During the quarter, Adani Enterprises’ promoter ownership rose by 2.11 percentage points to 74.72 per cent. The promoters most likely paid about Rs 7,600 crore for the increased stake, given that the stock price averaged Rs 3,175 over that time.
Notably, based on the average stock price of Rs 1,788 during the quarter, promoter holding in Adani Green Energy increased by 1.15 percentage points to 57.52 per cent, at a cost to the promoters of around Rs 3,200 crore.
Promoter holding climbed by 1.72 percentage points to 74.94 per cent in Adani Energy Solutions and 0.96 percentage points to 72.71 per cent in Adani Power. These extra stakes cost promoters approximately Rs 2,642 crore and Rs 1,917 crore, respectively, based on the average stock prices for the quarter.
The previous quarter’s promoter holdings in Adani Wilmar, Adani Ports and Special Economic Zone, Adani Total Gas, and ACC did not change.
On the other hand, during the June quarter, foreign investors drastically decreased their stakes in several Adani Group enterprises. Except for ACC and Adani Power, which Rajiv Jain’s GQG Partners sold for around Rs 244 crore and Rs 240 crore, respectively, they kept their holdings in a variety of Adani Group stocks.
The percentage of Foreign Institutional Investors (FIIs) that owned Adani Enterprises decreased from 14.41% to 11.73%. Comparably, the percentage of FII exposed to Adani Energy Solutions dropped from 17.49% to 15.53%, Ambuja Cements from 11.9% to 9.59%, Adani Green Energy from 18.15% to 16.91%, and ACC from 6.1% to 5.64%. Adani Total Gas, NDTV, and Adani Wilmar all had slight declines in FII stakes, whilst Adani Ports and the Special Economic Zone saw increases of 0.21 percentage points.
The Supreme Court rejected a request last week to reconsider its ruling from January 3rd, which said that the Adani Group’s stock price manipulation case will not be handed over to the CBI or a special investigation team. Despite arguments of inaccuracies in the verdict and fresh evidence put up by the petitioner’s attorney, the court maintained its earlier decision that the Securities and Exchange Board of India’s (Sebi) continuing inquiry into the charges inspires confidence.