Adani Group to Unload ₹30,000 Crore in Shares: Promoters Begin Massive Portfolio Rebalancing

The Adani Group’s promoters plan to sell shares worth ₹30,000 crore (about $3.6 billion) over the next nine months to adjust their holdings in various listed companies. Currently, their portfolio is valued at around $126 billion.

Selling and Buying Stakes

The promoters intend to reduce their stakes in some companies while increasing their stakes in others, aiming to hold 64-68% ownership across all firms. The process will start with selling shares in Ambuja Cement and Adani Power, while increasing their stake in Adani Green Energy.

The Adani family plans to sell a 2.8% stake in Ambuja Cement, expected to raise $500 million through a block deal. Another block deal of a similar amount might follow in the coming months. Additionally, the family is looking to sell around 3% of Adani Power before the end of the year, aiming to generate ₹8,000-10,000 crore.

At the same time, the family will increase its stake in Adani Green Energy, where they currently hold 57.5%. Initially, they plan to raise their stake by 3% to avoid creating too much market volatility.

Regulatory Requirements and Future Plans

Adani Wilmar, in which the promoters hold 87.87%, will reduce their stake to 75% by the end of September due to regulatory requirements that mandate a minimum free float of 25%. Adani and Wilmar each hold 43.94% in the company.

The promoters have not yet finalised how they will manage the stake sales in different companies. The group has significant debt obligations, including $3.1 billion in loan repayments to international banks for the acquisition of Ambuja and ACC. They are likely to refinance these loans with fresh borrowings instead of paying them off entirely. Currently, dividends are used to help pay down loans.

Recent Fundraising and Background

In July, Adani Energy Solutions raised $1 billion through a qualified institutional placement (QIP), marking the first fundraising effort since accusations from Hindenburg Research last year. In May, the board of Adani Enterprises approved raising up to ₹16,600 crore through another QIP.

Earlier this year, the Adani Group faced allegations from US-based short seller Hindenburg Research, accusing the group of fraud and stock price manipulation. These accusations led to a significant drop in share prices, wiping off up to $150 billion in market value at one point. Although the shares have recovered since, Adani Enterprises had to cancel a ₹20,000 crore follow-on public offer, even though it was oversubscribed.