Five Adani Group Companies See Rise In Shareholder Base In June Quarter
Adani Total Gas led with a 60% rise in the number of shareholders.
Investors in five Adani Group companies rose in the quarter ended June, following the conglomerate's recovery in stock prices after the Supreme Court-appointed committee to look into the Adani-Hindenburg matter did not find any regulatory failure.
Adani Total Gas Ltd. led with a 60% rise in the number of shareholders, according to exchange disclosures. The retail base also grew nearly 61%.
It was followed by Adani Transmission Ltd. with shareholders rising 32%, followed by 8.3% in the news media company New Delhi Television Ltd.
To be sure, many of the Adani Group shareholders are likely to be common among group firms as these were spun-off from Adani Enterprises Ltd.
Foreign portfolio investors also rose in four Gautam Adani-owned companies—Adani Enterprises, Adani Wilmar Ltd., Adani Ports and Special Economic Zone Ltd. and Adani Green Energy Ltd.
Rajiv Jain’s GQG Partners recently bought an additional 3% stake worth Rs 2,633 crore in Adani Transmission Ltd., taking its total holding in the company to 6.54%.
In March, Adani Group promoters raised $1.87 billion, or about Rs 15,446 crore, by selling stakes in four companies of the apple-to-airports conglomerate to GQG Partners.
The investments were made across Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy and Adani Transmission.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.