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GQG Partners buys stake in Adani Power for USD 1.1 billion

Aug 17, 2023

By: BlinkX Research Team

GQG Partners, a boutique investment group based in the US, spent USD 1.1 billion in Adani Power to acquire an 8.1% share in the company. According to them, the promoter Adani family sold the shareholding to GQG Partners for more than 9,000 crore, making it the largest secondary market equity sale in history. GQG Partners purchased 31 crore shares of Adani Power. 

The ports-to-power company increased its efforts to recover from a short seller attack on Wednesday by trading five blocks of shares totaling almost $1 billion. 

After US-based short seller Hindenburg raised concerns about corporate governance, GQG Partners chose to purchase Adani shares, challenging market trends.

Through open market transactions, GQG acquired around a 3% share in Adani Transmission in July for a total of $2,666 crore. A new investment was made two days after GQG Partners, the IHC Group, and other parties invested $1 billion in Adani Group stock. Through block agreements, Rajiv Jain's GQG and other investors acquired additional stakes in the conglomerate's equities -- Adani Enterprises and Adani Green Energy -- totaling $1 billion.

Adani Green Energy, Adani Transmission, Adani Enterprises, and Adani Ports and Special Economic Zone are the four Adani Group companies that GQG invested in earlier in March for a total of Rs. 15,446 crore.

Source: Media Reports