The stocks were bought by US-based, Australia-listed gqg partner. The proceeds from the share-sale will be used to enhance liquidity and strengthen the balance sheet as the Gautam Adani-led family continues to rebuild investor confidence following Hindenburg Research’s scathing report on its business practices. Billions of dollars in m-caps.
This is the third time GQG, which was founded in June 2016 by India-born Rajeev Jain along with Tim Carver, has put money into it. Adani Group companies.
The asset manager, which had a total of $92 billion under management in January this year, now owns 6.32% Adani Green Energy4. 96% of Adani Enterprises4. 1% of Adani Ports and 2. 45% of Adani Transmission, On Wednesday, it bought shares of Adani GreenEnergy and Adani Enterprises, giving further boost to the group as shares of its listed companies are enjoying a dreamy rally in the stock market.
Bulk deal disclosures on the NSE showed that SB Adani Family Trust sold 1.6% stake in flagship Adani Enterprises for Rs 4,140 crore, while Infinite Trade & Investment sold 2.9% stake in Adani Green Energy for Rs 4,232 crore. Both the stocks were sold at a discount to their closing price.
GQG first invested in Adani Green Energy and Adani Enterprises in March this year. It had bought shares of Adani Enterprises and Adani Green Energy from the promoter family for $640 million and $330 million, respectively. Apart from these two, it also bought shares of Adani Ports and Adani Transmission worth $900 million from the family. Later, GQG bought Adani Group stocks including Ambuja Cements from the open market. On Wednesday, it infused more money into the apple group from Ahmedabad-based airports, taking its total investment to over $3 billion. 5 billion.
Jain, chairman and chief investment officer of GQG, had earlier said that he plans to become one of the largest investors in the Adani group after the family, based on valuations. The asset manager’s latest investment comes after the boards of Adani Enterprises and Adani Transmission approved $2 each in May. Plans to raise ₹5 billion (Rs 21,000 crore) of funds by issuing shares to qualified institutional investors.