Promoters offload shares worth $1 billion in Adani Enterprises; stock slips ~1%

30 Jun 2023 , 10:10 AM

Adani Enterprises’ counter is trading under pressure in Friday’s early morning session following the news that the Adani Group family has pared stake in the company.

Goldman Sachs GQG acquired 1.19 crore shares of Adani Green Energy in two separate block deals totaling $1 billion on Wednesday, while the Adani family sold 1.8 crore shares of its flagship entity Adani Enterprises. Both deals have been executed separately.

SB Adani Family Trust sold 1.8 crore shares of Adani Enterprises at Rs 2,300 per piece in a Rs 4,140 crore bulk transaction, according to NSE data.

A total of 1,19,53,804 shares of Adani Green Energy were purchased by GS GQG Partners International Opportunities Fund for Rs 920.05 per share. Infinite Trade and Investment, on the other hand, was seen selling 4,60,00,000 shares of the company.

According to sources, GQG and other foreign investors invested around $1 billion in the two Adani stocks on Wednesday. Reportedly, Foreign investors have purchased a $500 million promoter stake in both the companies.

This would be the third round of investment in Adani Group for US-based emerging markets investor GQG Partners, led by NRI Rajiv Jain. GQG made a Rs 15,446 crore contra bet in March, when selling pressure in Adani stocks was at its peak as a result of allegations made in the short seller Hindenburg’s report, to acquire stakes in four Adani Group companies: Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises.

At around 10.02 AM, Adani Enterprises was trading 1% lower at Rs 2,378.05 per piece, against the previous close of Rs 2,402 on NSE. 

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