Adani Power promoter entities sell stake worth more than Rs 8,710 crore

17 Aug 2023 , 10:16 AM

On Wednesday, two Adani Power Ltd promoter firms sold shares worth more than Rs 8,710 crore (nearly $1 billion) in block sales to US-based investment firm GQG Partners, its co-investors, and others.

The two promoter firms, Worldwide Emerging Market Holding Ltd and Afro Asia Trade and Investments Ltd, sold 312 million shares aggregating to an 8.1% stake.

At around 10.06 AM, Adani Power was trading 2.66% higher at Rs 287.35, against the previous close of Rs 279.90 on NSE. The counter rose to an intraday high of Rs 288.50.

GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund purchased 152 million shares, or 3.92% stake, for Rs 4,244.7 crore, according to BSE statistics.

Details of other buyers for remaining shares have not yet been disclosed by the company.

Following the purchase, the promoter owns a 66.88% stake in Adani Power.

GQG, an independent asset management company, has been investing in the group’s companies regularly in recent months. In March, it made a Rs 15,446 crore ($1.9 billion) investment in Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd, and Adani Green Energy Ltd.

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