Adani group promoters looking to trim more stake to build cash reserves
the Adani group promoters They are looking to further reduce their stake in group companies to create a liquidity barrier for new opportunities, The Economic Times (ET) reported on Thursday. So far, the promoters have sold their stakes to GQG Partners and are now in discussions with global investors to dump more.
“They (the promoters) see building cash reserves as the best way forward in the uncertain global investment environment,” the report quoted a person familiar with the matter as saying.
In the past few months, they have sold $3 billion worth of shares to GQG Partners in multiple transactions. The last sale took place on June 30th. Recently, another promoted entity, Fortitude Trade and Investment, sold its entire 3.04 per cent stake in Adani Transmission for approximately Rs 2,665 crore.
Almost all of the group’s pledged shares have been released, and the group’s promoters are now focusing on building a liquidity stock. The report added that the group has prioritized infrastructure assets such as ports, airports and green energy projects.
Read also: Adani Wilmar Reports Volume Growth of 25% YoY in Q1 FY24 Due to Strong Demand
In January this year, the US-based Hindenburg Short Sale published a report accusing the Adani Group of stock price manipulation and fraud using outside entities.
Al-Adani Group denied all allegations. Its shares plunged, but have since recovered some of the losses.
First published: Jul 06 2023 | 9:41 a.m ist