GQG Partners has bought around 5% stake in GMR Airports for Rs 1,672 crore in an open market deal. GQG Partners is the same foreign investment firm that bought major stakes in Adani Group companies after the Hindenburg report.
According to the information, 9,26,36,787 shares were bought by GAQG Partners Emerging Market Fund and 19,02,45,637 shares were bought by Goldman Sachs GQG Partners International Opportunity Fund in GMR Airports. Thus, GQG bought a total of 4.7% shares of GMR from the open market.
Shares of GMR rose.
According to the report, the deal has been done at Rs 59.09 per share at a 4 percent discount. After this deal, GMR’s shares rose to a record high. In Friday’s trading session, GMR Airports closed at Rs 68.90 per share, up 11.67 percent. GMR has returned 73% year-to-date and has gained more than 190% in the last three years.
GMR is one of the largest airport companies in the country. The company operates Bidar Airport in India along with Delhi, Goa, Hyderabad. Apart from this, the company also has one airport each in the Philippines and Indonesia. In the September quarter of the current financial year, GMR had incurred a loss of Rs 190 crore. A year ago it was Rs 197 crore. At the same time, the company’s revenue during the period was Rs 1,607 crore.
Invested in Adani Group.
In the fall of the Adani Group due to the Hindenburg Report, the largest acquisition was by GQG. During this time, the American investment firm bought stakes in several companies, including Adani Enterprises, Adani Green and Adani Power.
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