Adani group entities swap Rs 2,498 crore shares in block deal

Adani Group promoter entities swapped 86 lakh shares of Adani Enterprises in block deals worth Rs 2,498 crore on Friday. Adani Properties bought 51.50 lakh shares and Adani Infra (India) acquired 34.50 lakh shares at an average price of Rs 2,905 apiece, while Infinite Trade And Investment sold the same number. The combined promoter holding in the flagship firm remains unchanged. Separately, Adani Power received NCLT approval to merge ten wholly owned subsidiaries, including Vidarbha Industries Power Ltd, a move that consolidates its thermal power operations.

PL Capital initiated coverage on Adani Power with a buy rating and a target price of Rs 259, citing a 25% EBITDA CAGR over FY26-32E and a capacity expansion plan from 18.3GW to 41.9GW by FY32. The brokerage called the Rs 2 lakh crore expansion manageable, with net debt/EBITDA peaking at 2.5 times. Adani Power shares closed 1.7% higher at Rs 203 on the BSE on Friday.