Adani Group Sells Stakes Worth Rs 15446 Crore to GQG Partners
Adani Group promoters have sold stakes worth Rs 15,446 crore in four of its companies, namely Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Transmission, to the US-based investment firm GQG Partners. GQG Partners has acquired 3.39% of Adani Enterprises, 4.1% of Adani Ports, 2.55% of Adani Transmission, and 3.51% of Adani Green Energy from the SB Adani Family Trust.
GQG Partners is a global equity investment boutique managing $92 billion worth of client assets as of January. This move highlights the confidence of global investors in the governance, management practices, and growth of Adani’s portfolio of companies.
Rajiv Jain, Chairman at GQG Partners, stated, “We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long run.”
The shares of Adani Group extended gains for the third day on Thursday, post the large trades reported in the shares of Adani Group stocks.
Adani Group’s recent sale of stakes in four of its companies to GQG Partners marks a major milestone in the conglomerate’s journey towards growth and expansion. The deal, which saw Adani promoters raise Rs 15,446 crore, highlights the confidence of global investors in Adani’s governance, management practices, and portfolio of companies.
The transaction also signals a growing interest in India’s economy and energy infrastructure, with GQG Partners citing the substantial long-term growth prospects of Adani’s companies. This sentiment is further reinforced by the fact that GQG Partners manages $92 billion worth of client assets as of January.
While the deal has been met with positivity by investors, Adani Group has had to weather some controversy in recent months. The conglomerate faced allegations of stock manipulation and fraud by Hindenburg Research, which it has vehemently denied. The Supreme Court has now asked the market regulator SEBI to investigate the matter and submit a report within two months.
Despite these challenges, Adani Group’s stocks have continued to perform well, with shares extending gains for the third day following the recent sale of stakes to GQG Partners. This bodes well for the company’s future, as it looks to further cement its position as a leading player in India’s energy and infrastructure sectors.
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