Adani sells stake in 4 cos for Rs 15,446 crore

NEW DELHI: The embattled Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the $2 billion debt repayment due in the coming months.

It sold shares in flagship incubating firm Adani Enterprises Ltd (AEL), port company Adani Ports and Special Economic Zone Ltd (APSEZ), electricity transmitting firm Adani Transmission Ltd (AEL) and renewable energy firm Adani Green Energy Ltd (AGEL).

“GQG is investing in Adani portfolio companies which own and operate the largest airport and port platform in India, largest private sector transmission and distribution platform in India and that will generate about 9 per cent of India’s renewable energy capacity by 2030,” it said in a statement on Thursday. The deal happened through secondary market block deals. “The investment has made GQG a key investor in the development and growth of critical Indian infrastructure,” it added.

The share sale is part of the Gautam Adani-led group’s comeback strategy after a damning report from an American short seller wiped out more than USD 140 billion off the conglomerate’s market value.

The group has a gross debt of Rs 2.21 lakh crore, about 8 per cent of which is due for repayment by the end of next fiscal year. In AEL, where the promoters held 72.6 per cent stake prior to the sale, 3.8 crore shares or 3.39 per cent stake was sold for Rs 5,460 crore. In APSEZ, where promoters held 66 per cent stake, 8.8 crore shares or 4.1 per cent shareholding was sold for Rs 5,282 crore. As much as 2.8 crore shares or 2.5 per cent stake in of ATL, where promoters held 73.9 per cent shareholding, was sold for Rs 1,898 crore.

In AGEL, where promoters held 60.5 per cent shareholding, 5.5 crore shares or 3.5 per cent stake was sold for Rs 2,806 crore. Jefferies India Private Limited acted as the sole broker for the transaction. The investment comes at a time when Adani Group has been under a cloud after US-based short seller Hindenburg Research accused the conglomerate of stock manipulation and accounting fraud.