Adani Power Sells Stake, GQG Partners Makes INR 8,708-Crore Purchase

Prominent promoter entities, namely Worldwide Emerging Market Holding Ltd. and Afro Asia Trade and Investments Ltd., collectively offloaded 31.2 crore shares, equivalent to an 8.1% stake, for Rs 8,707.5 crore in separate bulk deals, as per BSE records on Wednesday. On the trading front, Adani Power’s shares underwent a 2.17% dip to conclude at Rs 279.9 per share on Wednesday, in contrast to a minor 0.16% upswing in the benchmark Nifty 50 index.

The transaction unfolded with GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund procuring 15.20 crore shares, accounting for a 3.94% stake, in two bulk transactions at a rate of Rs 279.15 per share. This amounted to a total of Rs 4,243.1 crore disbursed to the Adani family, as detailed in exchange data. Additional information reveals that GQG and its associates confidentially obtained the remaining stake, valued at more than Rs 4,460 crore.

GQG Partners, a distinguished autonomous asset management enterprise, initiated its association with Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., Adani Transmission Ltd., and Adani Green Energy Ltd. with a considerable investment of Rs 15,446 crore (approximately $1.9 billion) on March 2. Subsequently, the firm bolstered its investment in Adani firms with purchases ranging from $400-500 million through open market transactions. In a noteworthy development, Qatar’s sovereign wealth fund also procured a 2.7% stake in Adani Green earlier this month.

This strategic maneuver marks GQG’s fourth investment within the Adani conglomerate since May. Adani Power, recognized as India’s premier private sector thermal power enterprise, holds a cutting-edge fleet, with 80% of its capacity comprising super critical units and the latest ultra-super critical units.