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Adanis bought $4 bn shares in 2023 against $2.85 bn sold
Mint Mumbai
|January 30, 2024
Still, promoter holding in the 5 firms fell, since shares were bought later at a higher price
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Billionaire Gautam Adani and entities owned by him bought shares worth ₹32,480.6 crore ($3.94 billion) in five of the group's 10 listed firms in 2023, more than the 23,551 crore ($2.85 billion) worth of shares they sold, stock exchange data showed.
The companies are Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Green Energy and Adani Energy Solutions Ltd.
The data debunks the perception that the conglomerate was forced to sell promoter equity in March last year after a scathing report by US short-seller Hindenburg Research in January hammered stock prices of group firms. Also, this is in addition to the money spent by Adani in taking back some of the shares pledged with banks, as the percentage of equity offered as collateral with the creditors reduced across all companies.
This story is from the January 30, 2024 edition of Mint Mumbai.
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