Most Adani Stocks Rise After GQG Buys Adani Power Stake

Shares of Adani Group companies advanced led by Adani Power Ltd., after GQG Partners and its associates bought stake worth Rs 8,700 crore, or about $1.1 billion, in the power company.

GQG Partners purchased the stake from the promoters in the biggest single buyer-single seller trade in India’s stock markets.

Adani Power Ltd. ended over 2% higher, whereas most group companies gained with the exception of Adani Green Energy Ltd., Adani Wilmar Ltd., and Adani Total Gas Ltd.

The total market cap of all listed Adani Group companies increased by Rs 13,304 crore to Rs 10.51 lakh crore.

Adani Ports and Special Economic Zone Ltd. was the top mover on the Nifty 50, with the stock rising as much as 4.83% intraday and ending 4.32% higher. Intraday, about 0.1% equity, or 15 lakh shares, changed hands in a large trade. However, the buyers and sellers were not known immediately.

Promoter entities of Adani Power Ltd., 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 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.

Shares of Adani Power ended 2.38% higher at Rs 286.55 apiece, as compared with a 0.51% decline in the NSE Nifty 50. The stock advanced 3,07% intraday to Rs 288.3 apiece, the most since Aug. 10.

It has fallen 4.34% on a year-to-date basis. The total traded volume stood at one time its 30-day average. The relative strength index was at 64.