Promoters of Adani Group sell stake to GQG Partners holdings for Rs15,446 crore

3 Mar 2023 , 08:36 AM

The Adani Group’s promoters sold shares in four of its listed firms to GQG Partners, a US-based global equity-investment boutique firm, on Thursday for a total of Rs15,446 crore.

The promoters intend to pay off debt and use the money for other things. Shares in Adani Enterprises worth Rs5,460 crore and Adani Ports & SEZ worth Rs5,282 crore was sold.

Also, they sold shares in Adani Green Energy worth Rs2,806 crore and Adani Transmission worth Rs 1,898 crore. Shares of the group’s listed companies all rose after the transaction, with Adani Enterprises closing 2.7% higher at Rs1,607.

According to Jugeshinder Singh, the Adani group’s chief financial officer, who talked to ET, the conglomerate values GQG’s function as a strategic investor in its infrastructure and utilities portfolio of renewable energy, logistics, and energy transformation.

As of January of this year, GQG was managing more than $92 billion, making it one of the top investors in emerging and international markets worldwide.

According to a statement from the group, GQG Partners, which is listed on the Australian Stock Exchange, is investing in Adani companies that own and operate India’s largest airport and port platform as well as the largest private-sector transmission and distribution platform, which will produce 9% of the nation’s renewable energy capacity by 2030.

As the troubled group had investor meetings in Singapore and Hong Kong this week to restore trust, Adani Enterprises has already increased by roughly 35% in three sessions as of Thursday.

The market value of the group’s ten listed companies increased by around $12.2 billion over the course of the three sessions leading up to Thursday, bringing the total loss since Hindenburg’s January 24 report down to almost $141 billion.

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