GQG Partners ups stake in two Adani cos to above 5 pc

economictimes.indiatimes.com:

GQG Partners has ramped up its shareholding in two Adani group companies to more than 5 per cent in signs of its confidence in the group despite the damning report of a US short seller. On June 28, GQG bought USD 1 billion (Rs 8,265 crore) worth of additional stakes in the group's flagship Adani Enterprises Ltd and renewable energy firm Adani Green Energy Ltd.

The stake sale in Adani Enterprise was through one block deal, where GQG bought 1.79 crore, or 1.58 per cent, more shares to take its holding to 6.15 crore shares or 5.4 per cent of the total, according to stock exchange filings. A separate filing showed that billionaire Gautam Adani and his brother Rajesh S Adani had sold the shares of the promoter family.

This has reduced the Adani family's stake in Adani Enterprises to 67.65 per cent from 69.23 per cent previously. In Adani Green Energy, GQQ bought 4.47 crore or 2.82 per cent additional shares to take its holding to 10.35 crore shares or 6.54 per cent of the total, the filings showed.

The filings did not give the acquisition price, but sources aware of the matter said the investor purchased promoter stakes worth USD 500 million in each of the two companies. GQG Partners has been ramping up its investment in the conglomerate ever since Hindenburg Research, in a bombshell report, alleged accounting fraud and stock price manipulation at the group, triggering a stock market rout that had erased about USD 150 billion in its market value at its lowest point.