Over 28 crore shares or around 7 per cent equity of Adani Power changed hands today in three large block deals. Market sources indicated that the seller is likely to be a promoter entity.
The total value of the transactions was in the region of ₹7,900 crore. Shares of Adani Power ended 2.2 per cent lower at ₹279.90 on the NSE.
The promoter entities of the Adani group, led by billionaire Gautam Adani, have been selling stakes in group companies either to release pledged shares or pay down short-term maturing debt.
Last Thursday pledge of 91 lakh shares of Adani Power was released with the approval of the lender, Union Bank of India.
Last month promoter entities sold chunks of stakes in Adani Enterprises, Adani Transmission, and Adani Green Energy to raise over ₹11,000 crore. In March, they sold stakes in the companies to raise ₹15,000 crore from GQG partners
Earlier this month, Adani Green Energy promoter Infinite Trade and Investment sold a 2.8 per cent stake for over ₹4,100 crore.
Interestingly, a disclosure made by Adani Ports and Special Economic Zone today revealed that two promoter entities had also increased their stake in the company by around 2 per cent to over 63 per cent from June 2 to August 11.
Adani Ports has been in the news for the resignation of its auditor Deloitte, which wanted a larger mandate to audit other group companies.