Adani family sells $1.1 bn power arm stake to GQG

livemint.com:

MUMBAI : The promoters of Adani Group on Wednesday raised around ₹9,000 crore by selling 8.1% of their holding in the energy-generation arm Adani Power Ltd, marking billionaire Gautam Adani’s largest equity capital-raising through a share sale in a single entity. After amassing stakes worth at least ₹26,445 crore ($3.18 billion) in multiple Adani group firms through secondary market transactions since March, India-born Rajiv Jain-led investment management firm GQG Partners Llp bought an additional stake worth over $1.1 billion from the promoters of Adani Power.

“This is the largest ever secondary equity transaction with GQG Partners," said a person directly aware of the development. As of 30 June, promoter entities, including Adani Tradeline Pvt.

Ltd owned 9.78% of Adani Power; Worldwide Emerging Market Holding Ltd held 5%; Flourishing Trade and Investment Ltd owned 11.46%; Afro Asia Trade and Investments Ltd held 6.88%; and Emerging Market Investment Dmcc had 4.99%. Gautam Adani’s family trust (including Gautam Adani and Rajeshbhai Shantilal Adani) is the largest promoter group in the firm, with a 36.86% stake.

In Wednesday’s block deals, Afro Asia Trade and Investments sold its entire 6.88% and Worldwide Emerging Market Holding (another promoter entity) sold 1.2% to GQG Partners’ entities. Adani Power, with a market value of about ₹1.1 trillion and over 15,250 megawatts (MW) of installed power generation capacity, is the country’s largest privately held power firm.