GQG, other investors buy $1 billion stakes in Adani firms in block trade
A majority of the Adani Group stocks ended in positive territory on Wednesday
NEW DELHI: US-based boutique investment firm GQG Partners and other investors have bought close to $1 billion worth of stocks in Adani group’s two firms from the founding family in large block trades.
The group’s flagship Adani Enterprises Ltd saw 18 million shares, or 1.6 per cent, trade in a single block while the renewable energy firm Adani Green Energy saw a total 35.2 million shares, or 2.2 per cent, change hands, sources aware of the matter said.
GQG, which had in March bought shares in four Adani group companies worth $1.87 billion and in May increased the stake by $400-500 million, is said to be one of the investors buying shares in block deal on Wednesday.
Adani family sold shares in block deals on Wednesday, they said. The identity of other investors was not immediately known. Sources said the block trade in Adani Enterprises was transacted at Rs 2,300, a premium to its closing price of Rs 2,281.75 on the BSE on Tuesday. For Adani Green, the trades were priced at Rs 920 to Rs 924.75, a discount to Tuesday’s closing price of Rs 959.90.
Adani Ent jumps over 5%
Majority of the Adani Group stocks ended in the positive territory on Wednesday, with Adani Enterprises climbing over 5 per cent, after the GQG Partners and other investors bought additional stakes in group companies as billionaire Gautam Adani continues to rebuild market confidence since the hit by a damning report of a US short seller. Shares of flagship firm Adani Enterprises jumped 5.34 per cent on the BSE. The stock of Adani Transmission rallied 5.93 per cent, Adani Ports climbed 5.12 per cent, Adani Total Gas (2.26 per cent), Adani Wilmar (1.83 per cent), ACC (1.31 per cent), Adani Power (0.59 per cent) and Ambuja Cements (0.07 per cent). However, Adani Green Energy shares declined 0.16 per cent and that of NDTV fell by 0.32 per cent.
The investors bought 18 million shares, or 1.6 per cent, from the Adani family in group’s flagship Adani Enterprises Ltd in a single block trade. In renewable energy firm Adani Green Energy, a total of 35.2 million shares, or 2.2 per cent, changed hands, sources aware of the matter said.
GQG Partners has been ramping up its investment in the conglomerate ever since Hindenburg Research in a bombshell report alleged accounting fraud and stock price manipulation at the Group.
