NEW DELHI: Rajiv Jain-led GQG Partners has increased its stake in Adani Ports and SEZ (APSEZ) to 5.03 per cent after it bought 22.56 lakh additional shares of the company on August 17, 2023, APSEZ informed the exchanges on Saturday.
Before this transaction, the US-based boutique investment firm had a 4.93 per cent stake in APSEZ. At the last traded price of APSEZ shares, the total value of GQG Partners’ investment in the company is worth Rs 9,100 crore.
GQG has been investing in several Adani Group companies after the group came under intense scrutiny following a damaging report by US-based short-seller Hindenburg Research.
The report led to a massive fall in share prices of Adani Group companies with some company shares losing as much as 70 per cent of their value in the rout.
That is when (in early March) GQG Partners came to the rescue of the Gautam Adani-led group and bought shares worth Rs 15,446 crore in four Adani Group firms -- Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises -- through block deals.
Explaining the rationale for investment in Adani group stocks, GQG in a statement had said that it was following these companies for several years and that they found the underlying assets were quite attractive.