GQG Partners, others buy $1 billion worth addition stake in Adani Group: Report

By Reuters: Australia-listed investment firm GQG Partners and other investors have bought around $1 billion of additional stake in India’s Adani Group companies, a report by the Economic Times newspaper said on Wednesday.

The investors have bought 2.2 per cent stake comprising 35.2 million shares in Adani Green Energy Ltd and a 1.6 per cent stake comprising 18 million shares in Adani Enterprises Ltd in block deals, the report added.

GQG Partners, Adani Enterprises and Adani Green Energy did not immediately respond to Reuters’ request for comment.

GQG Partners has been ramping up its investment in the Indian conglomerate ever since a short-seller’s critical report in January sparked a stock rout, wiping out nearly $147 billion from Adani companies’ market value.

Also Read | Adani Group shares tumble after reports of US regulatory scrutiny

Last month, the investment firm upped its stake in Adani by about 10 per cent.

Australia-listed shares of GQG closed up 0.7 per cent on Wednesday.

Shares of Adani Green Energy changed hands in 52 block deals as of 12:27 p.m. IST, while about 18.2 million shares of Adani Enterprises were traded in eight blocks, according to Refinitiv data.

Shares of Adani Enterprises were last up 4.5 per cent and those of Adani Green Energy were down 1.6 per cent as of 12:27 pm.

Also Read | Big boost to Adani Group as GQG’s Rajiv Jain raises stake by 10%

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