Adani Promoters Raise Rs 15,446 Crore By Selling Stakes In Group Firms To GQG Partners

Adani Group promoters raised $1.87 billion, or about Rs 15,446 crore, on Thursday by selling stakes in four companies of the apple-to-airports conglomerate to U.S.-based investment firm GQG Partners.

The investments were made across Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., Adani Green Energy Ltd., and Adani Transmission Ltd., according to a group statement.

GQG Partners acquired 3.39% in Adani Enterprises, 4.1% in Adani Ports, 2.55% in Adani Transmission and 3.51% in Adani Green Energy from the SB Adani Family Trust.

GQG Partners is a global equity investment boutique managing $92 billion worth of client assets as of January.

"We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India's economy and energy infrastructure, including their energy transition over the long run," Rajiv Jain, chairman at GQG Partners, said in a statement.

Earlier in the day, exchanges had reported large trades in the shares of Adani Group stocks.

"We value GQG's role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and energy transition," Jugeshinder (Robbie) Singh, chief financial officer at Adani Group, said in a statement. This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani portfolio of companies, he said.

Shares of Adani Group extended gains for the third day on Thursday after having remained volatile following the Hindenburg Research report alleging stock manipulation and fraud. The conglomerate has called the allegations "malicious" and aimed at damaging the Adani Enterprises Ltd.'s follow-on public offer, which was withdrawn.

The Supreme Court on Thursday asked the market regulator SEBI to investigate the allegations in the current batch of petitions in the Adani-Hindenburg case. The apex court said that SEBI must conclude the investigation within two months and file an appraisal. The court also set up a committee of experts including KV Kamath and Nandan Nilekani to look into the matter.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.