GQG Partners’ stakes in Adani Enterprises, Adani Green rises above 5 per cent
The US-based investment firm, which began investing in the Adani Group in early March when the group was reeling from damaging allegations made by short-selling firm Hindenburg Research, has since been increasing its stake in the group’s companies, most recently this week. .
On 2 March, it acquired Rs 3.9 crore or 3.4 per cent stake at Rs 1,410.86 each. Since then, it has added to the stake, acquiring 50 lakh shares between then and 27th June. On 28 June, it took another 1.6 per cent stake at ₹ 2,300 outperforming the 5 per cent stake. From Rs 5,460 crore on 2 March, GQG’s holding in the parent company of Adani Group is currently valued at over Rs 14,800 crore.
In Adani Green, the investment firm started with a 3.5 per cent stake, buying 5.6 of the underlying shares for ₹2,806 crore at ₹504.50 each. From then until June 27, it added more, rising its stake to 3.72 percent, then bought 2.8 percent in a wholesale deal on June 28 to hold more than 6 percent. Her investment in Adani Green is now worth more than Rs 9,800 crore.
The Adani Enterprises and Adani Green Stock Exchanges on Saturday unveiled the holdings of GQG Partners.
On Friday, GQG Partners bought more stakes in another group company Adani Transmission, originally acquiring a 2.5 per cent stake for ₹2,806 crore at ₹668.40 each. The last two deals were executed at Rs 786.19 each.
GQG Partners Chairman and Chief Investment Officer Rajeev Jain has been vocal about his investments in Adani Group companies and his conviction about their growth prospects. When he first invested, he said, “I am excited to be starting positions with Adani Companies. Adani Companies own and manage some of the largest and most significant infrastructure assets across India and around the world.” In later statements to the media, he maintained his optimistic stance on the group and the importance of its operations to the growth of infrastructure in India.