GQG Partners and its associates have acquired stake worth Rs 8,700 crore (about $1.1 billion) in Adani Power Ltd. from the promoters in the biggest single buyer-single seller trade in India’s stock markets.
Promoter entities Worldwide Emerging Market Holding Ltd. and Afro Asia Trade and Investments Ltd. sold a combined 31.2 crore shares, or 8.1% stake, for Rs 8,707.5 crore in two separate bulk deals, according to BSE data on Wednesday.
GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund bought 15.20 crore shares, or 3.94% stake, in two bulk deals at Rs 279.15 apiece from the Adani family for Rs 4,243.1 crore, according to data on the exchanges.
The remaining stake worth more than Rs 4,460 crore was also acquired by GQG and its associates, according to people with knowledge of the matter, who spoke on the condition of anonymity.
GQG, an independent asset management firm, had first invested Rs 15,446 crore (about $1.9 billion) in Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., Adani Transmission Ltd. and Adani Green Energy Ltd. on March 2. The firm bought shares worth $400-500 million in Adani companies in the following months, through open market purchases and increased its stake in the group. Earlier this month, Qatar's sovereign wealth fund also bought a 2.7% stake in Adani Green.
Adani Power is the fourth company of the ports-to-energy conglomerate where GQG has invested since May. It is India's largest private sector thermal power company and has one of the youngest and state-of-the-art fleet, with 80% of its capacity being super critical and latest units ultra super critical.
Shares of Adani Power declined 2.17% to close at Rs 279.9 per share on Wednesday, as compared with a 0.16% increase in the benchmark Nifty 50.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
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