The sale of shares included Adani Enterprises worth Rs 5,460 crore, Adani Ports & SEZ worth Rs 5,282 crore, Adani Green Energy worth Rs 2,806 crore, and electricity distributor Adani Transmission worth Rs 1,898 crore. The promoters will use the proceeds from the sale to retire debt and for other purposes. As of January this year, GQG Partners manages over $92 billion and is recognized as one of the world’s leading investors in global and emerging markets.
Adani group companies experienced an increase in their share prices on Friday following news of a portfolio investment worth Rs 15,446 crore in a collection of Adani companies by a US-based global equity investment boutique. On Thursday, the promoters of the Adani group sold shares worth Rs 15,446 crore in four of its listed entities to GQG Partners, a US-based global equity-investment boutique firm.
The sale of shares included Adani Enterprises worth Rs 5,460 crore, Adani Ports & SEZ worth Rs 5,282 crore, Adani Green Energy worth Rs 2,806 crore, and electricity distributor Adani Transmission worth Rs 1,898 crore. The promoters will use the proceeds from the sale to retire debt and for other purposes. As of January this year, GQG Partners manages over $92 billion and is recognized as one of the world’s leading investors in global and emerging markets.
After the share sale, Adani Enterprises saw an increase of 9% in its gains, having surged 41% over the last four sessions. Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power, and Adani Transmission reached the 5% upper circuit. ACC Ltd added 2%, while Ambuja Cements rose 2.45%.
Over the course of four sessions until Friday, the 10 listed companies of the group gained approximately $17.74 billion in market value, reducing the total combined loss since Hindenburg’s report on January 24 to almost $132.73 billion.
Jugeshinder (Robbie) Singh, Group CFO of Adani Group, said: “We are delighted to complete this landmark transaction with GQG. We value GQG’s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics, and energy Transition. This transaction marks the continued confidence of global investors in the governance, management practices, and the growth of Adani Portfolio of companies.”
On Thursday, the Supreme Court (SC) ordered the market regulator SEBI to conduct a thorough investigation and submit its findings within two months. The apex court has appointed an expert committee to oversee the investigation, with retired judge Justice Sapre as its head. The other committee members include OP Bhatt, KV Kamath, Nandan Nilekani, and Somsekhar Sundaresan.
As per the Supreme Court’s directive, SEBI has been instructed to investigate potential violations of the Securities Act, including manipulation of share prices and failure to disclose related party transactions.
