“Adani Power Stock Declines Amidst News of Promoter’s 8% Stake Sale to Global Fund”

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Shares of Adani Power witnessed a sharp decline of 4% during Wednesday’s trading session, with some recovery observed later, after reports surfaced suggesting that a promoter entity might have engaged in a block deal to sell shares to a high-profile global fund.

According to the report, approximately 8.1% of Adani Power’s total equity was traded through these block deals, although the exact data regarding these transactions was yet to be disclosed on stock exchanges.

The day’s trading concluded with Adani Power’s settlement price at Rs 279.30 on the Bombay Stock Exchange (BSE), reflecting a decrease of 2.29% from the previous session. The stock experienced a low of Rs 274.65 on the BSE.

While specific details about the buyer and seller remain undisclosed, sources informed CNBC-TV18 that the promoter entity was likely to be the seller, while a renowned global fund was the probable buyer.

Coincidentally, another entity within the Adani group, Adani Ports & Special Economic Zone Ltd, revealed that two of its associated entities had purchased slightly over 2% stake in Adani Ports over the span of two months. The BSE filing indicated that Resurgent Trade and Investment, along with Emerging Markets Investment DMCC, collectively acquired a total of 4,38,07,500 shares, equivalent to a 2.03% stake in Adani Ports. Consequently, the promoter holding in the group reached 1,36,21,22,067 shares or 63.06% of the total.

The detailed data showed that Resurgent Trade and Investment secured 3,26,18,000 equity shares (1.51% stake) in Adani Ports through open market transactions carried out between June 2 and August 11.

Although the identities of the parties involved in these transactions remained undisclosed, reports indicated that around 31.09 crore shares were traded, with Bloomberg estimating the total value of these deals to be approximately $1 billion based on the average price.

Sources By Agencies