Between June 2 and August 11 two entities, from the promoter group came together to acquire a stake of 2.03%, in Adani Ports and Special Economic Zone through market transactions. Resurgent Trade and Investment now holds a stake of 1.51% while Emerging Market Investment DDC has secured a stake of 0.52%. As a result the total holdings of the company promoters and promoter groups currently amount to 63.06%.
Between June 2 and August 11, there was a cumulative acquisition of a 2.03% stake in Adani Ports and Special Economic Zone by two promoter group entities through the open market. These developments were disclosed on the stock exchanges.
During this period, Resurgent Trade and Investment secured 3,26,18,000 shares, equivalent to a 1.51% stake in the major ports company. Similarly, Emerging Market Investment DDC procured 1,11,89,500 shares, representing a 0.52% stake, within the timeframe of June 22 to June 28. This combined acquisition of a 2% stake boosted the overall ownership of promoter and promoter group entities in the company to 63.06%.
While the shares experienced a 9.4% increase over the period of promoter purchases, recent trading on the NSE saw a decline of 1.4% to Rs 776.05. The stock faced a third consecutive decline as market sentiment was impacted by the news of Deloitte resigning from its role as the company’s auditor.
In the past year, Deloitte was appointed as the statutory auditor for a 5-year term. However, differences arose between the auditor and the management over specific transactions, which were also highlighted in a report by US-based Hindenburg Research in January. In the aftermath of Deloitte’s resignation, Adani Ports appointed MSKA & Associates as its new auditor.
Earlier in the current month, the company’s stock had reached a three-month high following a strong earnings report for the June quarter. The quarter witnessed an impressive 83% year-on-year increase in consolidated net profit, amounting to Rs 2,115 crore. This growth was primarily driven by a substantial 24% rise in revenue, reaching Rs 6,248 crore.
The focus of Dalal Street is now directed toward the final report to be issued by the Securities and Exchange Board of India (Sebi). The report is based on Sebi’s investigation into the Adani Group in response to allegations raised by Hindenburg. The regulatory body has requested an additional 15 days from the Supreme Court to further investigate the Adani-Hindenburg matter.
