Adani hikes stake in two group companies
The Hindu
Gautam Adani-led promoter group increases stake in two listed companies. Stake in Adani Enterprises raised to 71.93%, Adani Ports & Special Economic Zone to 65.23%.
Billionaire Gautam Adani-led promoter group has increased stake in two of the group's listed companies, as the ports-to-energy conglomerate continues to work on a claw back strategy after being hit by damaging reports.
The promoter group has increased stake in flagship Adani Enterprises to 71.93% from 69.87%, according to stock exchange filings.
This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses. The promoters had last month increased stake in Adani Enterprises Ltd from 67.65% to 69.87%.
The promoter group has also increased stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%, the filings showed.
Resurgent Trade and Investment Ltd bought almost one per cent stake in Adani Ports and Special Economic Zone Ltd in open market transactions and another 1.2 per cent was purchased by Emerging Market Investment DMCC. Both are promoter group firms.
In the case of Adani Enterprises Ltd, the shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd.
The filings said the stakes were bought in open market transactions between August 14 and September 8.
Gautam Adani and others indicted by SEC for fraud, bribery, and corruption in solar energy project scandal.
Shares of Adani Group companies lost about $28 billion in market value in morning trade on November 21 after U.S. prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.
The rupee turned flat at 84.42 against the U.S. dollar in early trade on November 21, 2024, amid volatile crude oil prices and lackluster sentiment in the domestic equity markets.
Stocks of Gautam Adani’s seven listed companies on the bourses crashed on open after the New York Eastern district court indicted Gautam Adani, Sagar Adani, Vineet S. Jain and their associates and bribery and securities fraud on November 21, 2024
Gautam Adani faces arrest warrant in US over alleged fraud scheme, SEC charges him with bribery and fraud.
Bitcoin’s march toward $100,000 made further ground on Thursday as the coin crossed $95,000.
Billionaire Gautam Adani indicted in New York for bribery and fraud scheme, impacting Adani Group's financial plans.
SEC charges Adani Group chairman with defrauding American investors and bribing officials in multi-billion-dollar solar energy project scheme.
Country Club Hospitality and Holidays Ltd clears ₹600 crore debt, explores global partnerships, franchise model for growth and expansion.
Steel Secretary addresses concerns over cheap steel imports from FTA nations, highlighting challenges faced by domestic industry.
Stock markets in India closed for Maharashtra elections, with a bounce back in domestic indices observed on Tuesday.