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Wednesday, July 24, 2024

Promoter Entity For Adani Enterprises Ups Stake In Flagship Company; Details Here

<p>After the promoter entity run by billionaire Gautam Adani boosted its shareholding in the flagship company, the share price of Adani Enterprises jumped by more than 3% on Tuesday during trade. The stock increased by over 3.10% to Rs 2,720 per share on the BSE, while it increased by 3% to Rs 2,721 per share on the BSE.</p>
<p>1.12 lakh shares of the company were traded on the BSE during the morning trades, while 22.58 lakh shares were traded on the NSE.<img decoding=”async” class=”alignnone wp-image-140494″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-95-5.jpg” alt=”theindiaprint.com download 95 5″ width=”1396″ height=”1046″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-95-5.jpg 259w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-95-5-150×112.jpg 150w” sizes=”(max-width: 1396px) 100vw, 1396px” title=”Promoter Entity For Adani Enterprises Ups Stake In Flagship Company; Details Here 6″></p>
<p>As the ports-to-energy conglomerate continues to recover from the repercussions of a report by US short-seller Hindenburg Research, the Gautam Adani-led promoter group has upped its share in the group’s main company.</p>
<p>According to the exchange filing, the promoter group raised its ownership in Adani Enterprises by 67.65% to 69.87%. Kempas Trade and Investment Ltd, a member of the promoter group with a small ownership in the company, bought 2.22% on the open market between August 7 and August 18, according to the statement.</p>
<p>The rise in ownership occurs at the same time as US-based boutique investment company GQG Partners has begun purchasing Adani group companies’ stock. The company was accused of accounting fraud, stock price manipulation, and unlawful use of tax havens in the US-based Hindenburg study, which was published in January of this year.</p>
<p>In contrast, Gautam Adani refuted all of Hindenburg’s allegations at the Adani Group’s annual general meeting. He is reportedly planning a comeback that includes redefining its goals, abandoning acquisitions, prepaying debt to allay worries about its cash flows and borrowings, and slowing down the pace of spending on new projects.</p>
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