Adani Power shares drop on report promoters sell 8% stake to marquee global fund

Shares of Adani Power plunged 4 per cent in Wednesday's trade, only to recover some of the lost ground amid a media report suggesting a promoter entity likely sold shares in a block deal to a marquee global fund.
As per the report, a total of 8.1 per cent of the company's total equity changed hands via block deals. The bulk and block deal data was yet to be out stock exchanges.
Adani Power eventually settled at Rs 279.30 on BSE, down 2.29 per cent. It hit a low of Rs 274.65 on BSE.

The promoter entity was likely the seller and a marquee global fund the buyer, sources told CNBC-TV18.

Earlier today, another Adani group firm Adani Ports & Special Economic Zone Ltd said two entities belonging to the group bought just over 2 per cent stake in Adani Ports over a period of two months. As per data, Resurgent Trade and Investment and Emerging Markets Investment DMCC bought a total 4,38,07,500 shares or 2.03 per cent stake in Adani Ports, taking promoter holding in the group to 1,36,21,22,067 shares or 63.06 per cent.

Resurgent Trade and Investment acquired 3,26,18,000 equity shares or 1.51 per cent stake in Adani Ports through open market transactions between June 2 and August 11.

Two entities belonging to Adani group bought just over 2 per cent stake in Adani Ports & Special Economic Zone Ltd (Adani Ports) over a period of two months, a BSE filing by the Adani group company suggests. As per data, Resurgent Trade and Investment and Emerging Markets Investment DMCC bought a total 4,38,07,500 shares or 2.03 per cent stake in Adani Ports, taking promoter holding in the group to 1,36,21,22,067 shares or 63.06 per cent.

Resurgent Trade and Investment acquired 3,26,18,000 equity shares or 1.51 per cent stake in Adani Ports through open market transactions between June 2 and August 11.

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The buyers and sellers were not immediately known, but 31.09 crore shares changed hands, Boomberg reported. Based on the average price, the deals are worth $1 billion, according to Bloomberg.

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