GQG Partners, Other Investors Buy Stake Worth $1 Billion In Adani Green, Adani Enterprises

GQG Partners and other Investors have bought stake worth over $1 billion in Adani Enterprises Ltd. and Adani Green Energy Ltd., according to people in the know.

The investors acquired stake worth $500 million each from the Adani family in the two firms, the people said on the condition of anonymity.

GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (Rs 13,600 crore), the people quoted earlier said. The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (Rs 9,600 crore).

According to data on National Stock Exchange:

• SB Adani Family Trust sold 1.8 crore shares, representing 1.6% stake in Adani Enterprises for Rs 2,300 apiece.

• Goldman Sachs GQG Partners International Fund bought 1.19 crore shares in Adani Green Energy, representing 0.75% stake at Rs 920.05 apiece.

• Infinite Trade and Investment Fund also sold 4.6 crore shares in Adani Green Energy, representing 2.9% stake for Rs 920.03 apiece.

GQG had first invested $1.87 billion in four Adani companies, including Adani Enterprises and Adani Green, on March 2 even as the group repaid debt and held road shows to shore up confidence after a short-seller report.

The firm increased its stake by buying shares worth $400-500 million in the following months via open market purchases.

Rajiv Jain, GQG founder, had said earlier that he expects his investment to double. He told BQ Prime that he has bought into a conglomerate led by "an entrepreneur who does a phenomenally good job in execution".

Shares of Adani Enterprises were closed 5.1% higher on Wednesday, while Adani Green ended 0.69% lower compared to a 0.8% rise in Nifty 50.