Qatar's QIA Invests $474 Million in Adani Green

8 Aug 2023 , 12:32 PM

Qatar Investment Authority (QIA) has acquired a 2.7% stake in Adani Green Energy Ltd. for approximately 39.2 billion rupees ($474 million) through a block deal, according to stock exchange data.

INQ Holding, a unit of Qatar’s sovereign fund, purchased over 42.6 million shares of Adani Green Energy at Rs 920 rupees per share, indicating QIA’s international support for the Adani Group after a recent short-selling attack.

Infinite Trade and Investment Ltd., an Adani Green founder group company, sold 44.9 million shares on Monday, as per BSE data. This move is in line with QIA’s strategy to increase its presence in India. QIA ranks as the 10th-largest sovereign wealth fund* globally, based on SWF Institute data.

Adani Green plans to raise Rs 123 billion ($1.5 billion) for expansion via a qualified institutional placement (QIP) of shares. This aims to attract more institutional investors and research analysts to cover the company.

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