Promoters of Adani Power Ltd. have increased their stake in the company in September, according to an exchange filing.

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Adani Power's promoters increased their stake to 69.1 percent from 66.9 percent earlier between September 5 - September 25.

As per the exchange filing, Fortitude Trade and Investment Ltd. acquired 6.58 crore shares or 1.71 percent of the total equity between September 5 - September 21, 2023.

Additionally, Emerging Market Investment DMCC, another promoter group entity acquired another 1.92 crore shares or 0.5 percent of the total equity between September 21 - September 25, 2023.

Last month, Rajiv Jain's GQG Partners had acquired 8.1 percent stake in Adani Power in a transaction valued at Rs 9,000 crore, thereby confirming a CNBC-TV18 newsbreak. The shares had exchanged hands at Rs 279.17 per share. The stock has risen 34 percent since then.

Post the sale, the promoter stake in Adani Power had declined to 66.9 percent from 74.97 percent earlier.

Earlier this month, promoter entities had also increased their stake in Adani Enterprises and Adani Ports.

Shares of Adani Power are off the day's low and are likely to snap a three-day losing streak in today's session. The stock is currently trading little changed at Rs 374.75.

From its peak of Rs 432.80, which they hit in August 2022, shares of Adani Power fell to an all-time low of Rs 132.4 during the Hindenburg Saga on February 28 before recovering from those levels.

First Published:Sept 28, 2023 12:13 PM IST