New Delhi, 1st July 2023: The Adani Group reportedly sold a 3% share in Adani Transmission on Friday in open market transactions to raise Rs 2,666 crore. According to market participants, the entire lot was purchased by the US-based investment group GQG Partners.
According to NSE bulk sales data, Fortitude Trade and Investment, a promoter of Adani Transmission, sold 33.9 million shares, or a 3.04 percent interest, at an average price of Rs 786.19 per share for Rs 2,666.47 crore.
While NSE data showed that GQG Partners purchased 21.3 million shares (1.91 percent interest) for Rs 1,676 crore, a source told the ET that the entire lot was purchased by the US fund.
The new purchase comes only two days after GQG Partners, the IHC Group, and others invested about $1 billion in Adani Group stocks. GQG, headed by Rajiv Jain, and other investors purchased a total of $1 billion in new holdings in the conglomerate’s equities – Adani Enterprises and Adani Green Energy – through block agreements, according to ET Now, citing sources.
Earlier in March, GQG invested Rs 15,446 crore in four Adani Group companies: Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises. This occurred after the company’s stock had taken a severe hit as a result of a claim by a US-based short seller accusing the group of illegal stock price manipulation.
All charges have been refuted by the Adani Group.
GQG founder Jain stated in May that GQG had increased its shareholding in the Gautam Adani-controlled conglomerate by around 10% and that the conglomerate may participate in any future financing.
In May, two Adani companies, Adani Enterprises and Adani Transmission, declared a combined hike of up to Rs 21,000 crore.
Since GQG’s investment, the conglomerate’s stocks have apparently been on a recovery road from their lows.
