In order to refute allegations made by Congressman Rahul Gandhi, the Adani group listed information about stake sales in its companies and investments made back into their operations. As a result, shares of the group’s companies ended the day higher on Monday. Some of these companies even reached their upper circuit limits.
Adani Transmission shares increased by 5%, Adani Green Energy shares increased by 5%, Adani Total Gas shares increased by 5%, and Adani Enterprises shares increased by 2.53% on the BSE.
Adani Ports increased by 1.57%, Adani Power by 0.96%, NDTV by 0.18%, Ambuja Cements by 0.17%, and Adani Wilmar increased by 1.63%. (0.02 per cent).
During the day, three of the group stocks reached their upper circuit limitations.
The 30-share BSE Sensex closed modestly higher in the larger market, up 13.54 points or 0.02 percent, to 59,846.51.
In an effort to refute Congressman Rahul Gandhi’s assertion that Rs 20,000 crore entered the conglomerate through “shell companies,” billionaire Gautam Adani’s group provided details on the $2.87 billion in stake sales in group companies since 2019 and how $2.55 billion of this was invested back into business on Monday.
Promoters sold stakes in Adani Total Gas Ltd. and AGEL to raise USD 2.783 billion, while investors like the Abu Dhabi-based International Holding Company PJSC (IHC), a global strategic investment company, invested $2.593 billion in group companies like Adani Enterprise Ltd. and Adani Green Energy Ltd (AGEL).
According to the firm, “promoter entities reinvested these monies to support the growth of new businesses and in portfolio companies like Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd, and Adani Power Ltd.”
Gandhi presumably made the statement late last month in response to reports that appeared in an overseas newspaper and questioned how “Rs 20,000 crore suddenly arrived in Adani’s shell firms.”
“We comprehend how tempting the race to demolish Adani may be. However, we adhere to all applicable securities rules and do not conceal promoter ownership or financing “It read.