Two promoter group entities of Gautam Adani-led Adani Power, Ardour Investment Holding and Emerging Market Investment DMCC, collectively acquired a substantial 2.06% stake in the company between September 26 and November 16, according to a recent BSE filing.

The promoters previously held a 69.09% stake, equivalent to 2,66,46,59,567 shares, in the Adani Group. Following the recent equity acquisitions of 7,92,71,400 by the two entities, the combined stake increased marginally from 69.06% to 71.14%, totalling 2,74,39,30,967 shares.

Ardour Investment Holding and Emerging Market Investment DMCC executed these transactions through open market operations. Ardour Investment increased its shareholding by 1.93%, representing 7,42,71,400 shares, while Emerging Market Investment DMCC added 0.13%, equivalent to 50 lakh shares.

This marks the second occasion of Adani Power promoters enhancing their stake in the company. In September, Fortitude Trade and Investment and Emerging Market Investment DMCC collectively acquired a 2.1% stake in the company. 

Fortitude Trade and Investment procured 6,58,47,000 shares, a 1.71% stake, between September 5 and September 21. Simultaneously, Emerging Market Investment DMCC added 1,92,00,000 shares, accounting for a 0.50% stake, between September 21 and September 25.

As of September quarter-end, the SB Adani Family Trust held 36.86%, Flourishing Trade and Investment owned 11.46%, and Emerging Market Investment DMCC held 5.48% of Adani Power’s shares.