According to BSE data, GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund bought 152 million shares, or a 3.92% stake, at ₹279.15 apiece for ₹4,244.7 crore. The identity of the buyers of the remaining shares had not been updated on the BSE as of press time. One of the transactions, in which Afro Asia Trade and Investments sold shares worth ₹7,412 crore ($890 million), is the largest ever single block deal in India.
Following the transaction, the promoter holding in Adani Power stands at 66.88%.
GQG, an independent asset management firm, has been investing periodically in the group’s firms over the past few months. It invested ₹15,446 crore ($1.9 billion) in Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Green Energy Ltd in March.
$4b Exposure to Adani Cos
The investment came as a shot in the arm for the group, which had been buffeted by allegations of fraud and manipulation made by Hindenburg Research in January. The Adani Group has rejected the findings of the short-seller. Since then, GQG has bought shares worth $400-500 million in Adani companies through open market purchases. Its exposure to Adani listed companies is at Rs 34,000 crore ($4 billion). Promoter entities of the Adani Group have been offloading stakes in its companies either to release pledged shares or retire short-term debt. The block deals come days after Qatar Investment Authority bought a 2.7% stake in Adani Green Energy promoter Infinite Trade and Investment for over Rs 4,100 crore. A disclosure made by APSEZ also revealed that two promoter entities increased their stake by around 2 percentage points to over 63% between June 2 and August 11. On Wednesday, APSEZ shares were down 1.5% on the BSE. Deloitte resigned last week as APSEZ auditor owing to differences with the management over certain transactions. MSKA & Associates took over as the auditor.