GQG Partners picks up stake worth Rs 982 crore in JSW Energy; stock tanks ~3%

17 Aug 2023 , 10:30 AM

GQG Partners, a US-based asset management business, purchased shares of JSW Energy worth more than Rs 982 crore on the open market this week, according to exchange data.

GQG purchased 1.6 crore shares, or 1.01% stake in the firm, on the BSE on Wednesday for around Rs 571 crore. GQG acquired these shares through six different funds.

At around 10.22 AM, JSW Energy was trading 3.13% lower at Rs 356.50, against the previous close of Rs 368 on NSE. The counter touched an intraday high and low of Rs 368.70 and Rs 354.15, respectively.

On Wednesday, JSW Investments sold 2.1 crore shares. As of June 30, the promoter held a 20.2% stake in the company.

GQG also purchased 1.1 crore shares of JSW Energy on Monday. These shares, representing a 0.7% stake in the company, were purchased for Rs 345 each, aggregating to Rs 411 crore. Authum Investment & Infrastructure sold 1.6 crore shares of the company on Monday for Rs 345 each.

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