NEW DELHI: Two promoter entities of Adani Power sold shares worth over Rs 8,700 crore, or 8.1% stake in the utility company to US-based investment firm GQG Partners in bulk deals on Wednesday.
The stake sale comes as the billionaire Gautam Adani-promoted Adani Group continues to realign its business empire following a vicious attack by short-seller Hindenburg Research earlier this year.
BSE data showed promoter group entities -- Worldwide Emerging Market Holding and Afro Asia Trade and Investments -- sold a combined 31.2 crore shares, or 8.1% stake, for Rs 8,707.5 crore in two separate bulk deals. GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities bought 15.20 crore shares, or 3.94% stake in Adani Power, in two bulk deals at Rs 279.15 apiece from the Adani family for Rs 4,243.1 crore, according to BSE data on Wednesday. The remaining stake worth more than Rs 4,460 crore is also said to be purchased by GQG.
“GQG Partners, the US based investment fund, today (Wednesday) acquired 8.1% in Adani Power Limited, the thermal power generation arm of Adani Group, in a landmark trade, which is the largest ever single buyer – single seller trade in India’s stock markets valued at over $ 1 billion,” said a person aware with the development.
Adani shares closed 2.29% lower at Rs 279.30 apiece.
As of June 2023, Worldwide Emerging Market Holding had about 5% stake and Afro Asia Trade and Investments had 6.88% stake in Adani Power. The two promoters -- Rajesh Adani and Gautam Adani -- held about 74.97% in the utility company at the end of June 2023. While other global investors have slowed down on their investment in the Adani Group, GQG continue to increase its exposure.
Shobha Gangwal sells 2.9% stake in Indigo
NEW DELHI: InterGlobe Aviation’s promoter Shobha Gangwal on Wednesday sold a nearly 2.9% stake in the company for a little over Rs 2,800 crore through open market transactions. Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company, which is the parent of the country’s largest airline IndiGo.
