Adani Power’s biggest deal so far, selling 8.15% stake to US firm for Rs 9,000 crore

Gautam Adani - India TV Paisa
Photo: PTI Gautam Adani

GQG Partners, which bailed out the Adani Group following the Hindenburg Group allegations, has once again bought a majority stake in the company. US investment firm GQG Partners has bought 8.1 per cent stake in Adani Group company Adani Power by investing $1.1 billion, sources informed on Wednesday. In Indian currency terms, the deal is worth around Rs 9,000 crore.

Purchase of 31 thousand shares

GQG Partners acquired the stake by buying 31 crore shares in the stock market, sources familiar with the matter said. This is the largest ever share purchase deal from the market. The stake held by the Adani family, the promoters of Adani Power, was sold for $1.1 billion, or about Rs 9,000 crore. Earlier, GQG Partners also acquired 6.8% stake in Adani Green Energy Limited (AGEL), another group company.

After the Hindenburg report, investment increased steadily.

We inform you that at the end of June, GQG Partners and some other foreign investors invested another billion dollars in Adani Enterprises and Adani Green Energy, two companies of the Adani Group. In March, GQG Partners made its first bet in Adani Group shares following Hindenburg Research’s report, Adani’s shares were seeing a sharp break. GQG Partners then bought stakes in four Adani Group holdings, including Adani Enterprises, through an investment of Rs 15,000 crore. GQG Partners’ stake in Adani Enterprises stood at 2.67 per cent at the end of June quarter compared to 1.43 per cent at the end of March quarter.

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