NEW DELHI: Billionaire Gautam Adani-led promoter group has increased its stake in two of the Adani group’s listed companies, amidst fresh reports which allege their involvement in stock price manipulation.
The promoter group has increased its stake in flagship firm 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 a stake in Adani Enterprises that incubates new businesses.
The promoter group has also increased its 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 1% stake in Adani Ports in open market transactions and another 1.2% was purchased by Emerging Market Investment DMCC. Both are promoter group firms. The additional shares in Adani Enterprises 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. The transactions come amidst a report that alleged that the promoter group family secretly invested in their own companies via close affiliates and bypassed the existing rules and regulations that prevent stock price manipulation.
Adani Group on August 31 rejected the fresh allegations of stock price manipulation raised by the Organised Crime and Corruption Reporting Project (OCCRP). Earlier in January, US-based short seller Hindenburg Research had accused the port-to-power conglomerate of manipulating share prices via funds based on tax havens.