Adani Ports Sees Massive Rs 1480 Crore Stake Sold by Strategic Investor

On May 24, around 1.06 crore shares of Adani Ports & Special Economic Zone were traded in a significant exchange deal, amounting to a 0.5 percent stake worth Rs 1,480 crore. The transaction occurred at an average price of Rs 1,386 per share, nearly 4 percent lower than the previous closing price.

While the parties involved remain unidentified, CNBC-TV18, citing sources, suggested that a strategic investor likely sold the stake. By 11:04 am, Adani Ports’ shares were trading just over 1 percent lower at Rs 1,428 on the NSE.

As of the end of the March quarter of FY24, mutual funds held a 3.1 percent stake in Adani Ports, with India’s largest insurer, LIC, owning 7.86 percent. GQG Partners, known for its positive outlook on the Adani group, held nearly 4 percent. Promoters retained a 65.89 percent stake.

Out of 21 brokerages covering Adani Ports, 19 recommend a ‘buy,’ while the remaining two suggest holding the stock.