Qatar Sovereign Wealth Fund Buys 2.7% Stake In Adani Green Energy For Rs 3,920 Crore

Qatar's sovereign wealth fund's arm INQ Holding LLC bought a 2.7% stake for Rs 3,920 crore in Adani Green Energy Ltd. on Monday.

In a bulk deal, INQ Holding, a wholly owned subsidiary of Qatar Investment Authority, bought 4.26 crore shares in the Adani Group company at Rs 920 apiece, according to BSE data.

Infinite Trade and Investment Ltd., a promoter entity in Adani Green Energy, sold 4.48 crore shares or 2.8% at Rs 920.43 apiece for Rs 4.131 crore.

After the transaction, Infinite Trade and Investment's shareholding reduced to 0.54% from 3.37% stake in Adani Green Energy. Promoters and the promoter group held 56.27% stake in the company at the end of the June quarter.

The deal marks another investment into the green energy arm of the billionaire Gautam Adani-led group, a little over a month after GQG Partners and other investors acquired stakes in the company and group peer Adani Enterprises Ltd.

GQG had raised its stake in Adani Green from 3.50% to 6.32%, valued at $1.17 billion (Rs 9,600 crore) at the time. 

Adani Green Energy had reported a 51% jump in profit for the quarter ended June. The company's first-quarter net profit rose to Rs 323 crore compared with Rs 214 crore in the same period last fiscal.

Shares of Adani Green Energy closed 4.61% lower at Rs 965.9 apiece on Monday compared to a 0.41% gain in the benchmark Nifty 50.

Disclaimer: AMG Media Networks Ltd. owns 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime Brand.