24 May , 2024 By : Debdeep Gupta
Around 1.06 crore shares of Adani Ports & Special Economic Zone changed hands in a large deal on the exchanges on May 24. The deal, involving a 0.5 percent stake in the port operator, was worth a total of Rs 1,480 crore.
The transaction was executed at an average price of Rs 1,386 per share, a nearly 4 percent discount from the stock's previous close.
However, CNBC-TV18 reported, citing sources, that a strategic investor was likely the seller in this transaction.
At 11.04 am, shares of Adani Ports & Special Economic Zone were trading a little over 1 percent lower at Rs 1,428 on the NSE.
At the end of the March quarter of FY24, mutual funds held a 3.1 percent stake in Adani Ports, while India's largest insurance company, LIC, possessed a 7.86 percent stake in the company.
Additionally, GQG Partners, known for its bullish stance on the Adani conglomerate, owns a nearly 4 percent holding in Adani Ports. On the other hand, promoters of Adani Ports held a 65.89 percent stake in the company.
Meanwhile, out of the 21 brokerages that cover Adani Ports, 19 of them have a 'buy' rating, while the other two have a 'hold' recommendation.
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