GQG acquires 3 per cent in Adani Transmission for Rs 2,666 crore – EQ Mag
The fresh purchase came two days after investment firm GQG Partners, along with the IHC Group and others, invested around $1 billion in Adani Group stocks.
The Adani Group on Friday reportedly sold around 3 per cent stake in Adani Transmission through open market transactions to raise about Rs 2,666 crore. As per market participants, US-headquartered investment firm GQG Partners purchased the entire lot, reported Economic Times.
Fortitude Trade and Investment, a promoter of Adani Transmission, sold 33.9 million shares, or a 3.04 per cent stake at an average price of Rs 786.19 apiece for Rs 2,666.47 crore, as per NSE bulk deals data.
While NSE data showed that a total of 21.3 million shares (1.91 per cent stake) were acquired by GQG Partners for Rs 1,676 crore, source said the entire lot was purchased by the US fund, the ET report stated.
The fresh purchase came two days after investment firm GQG Partners, along with the IHC Group and others, invested around $1 billion in Adani Group stocks. GQG, controlled by Rajiv Jain, and other investors bought a total of $1 billion of additional stakes in the conglomerate’s stocks — Adani Enterprises, Adani Green Energy — through block deals, ET Now reported citing sources.
Earlier in March, GQG had made a Rs 15,446 crore investment to pick stakes in four Adani Group firms – Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises. This was when the company’s shares had taken a massive beating following a report by a US-based short seller that accused the group of illegal stock price manipulation.
The Adani Group has denied all allegations.
GQG founder Jain in May said GQG had raised its stake in the Gautam Adani-controlled conglomerate by about 10 per cent and may take part in any future fundraising by the conglomerate. In May, two Adani firms, Adani Enterprises and Adani Transmission, together announced raising up to Rs 21,000 crore together.
The conglomerate’s stocks have reportedly been on a recovery path from their lows since GQG’s investment.
Source: PTI
