NEW DELHI: GQG Partners, a US-based global equity investment boutique, on Thursday, in a series of secondary block trade transactions, bought shares worth Rs 15,446 crore ($1.87 billion) in four Adani Group firms: Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises.
This marks the first major investment in the embattled Adani Group since the short-seller Hindenburg Research’s scathing report triggered a stock rout. A total of about 21 crore shares changed hands between the four Adani-listed companies and GQG Partners. The promoters of the port-to-power conglomerate sold about 4.1% stake in Adani Ports, 3.5% in Adani Green Energy, 2.5% in Adani Transmission and 3.5% in Adani Enterprises. Jefferies India Private Limited introduced the parties and brokered the transaction.
“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,” said Jugeshinder (Robbie) Singh, Group CFO of Adani Group.
The deal is likely to bring some relief to billionaire Gautam Adani whose team reportedly is globetrotting to attract investors in a bid to instil confidence among investors. The Group’s 10 listed companies have lost more than Rs 11 lakh crore in market value since January 24, when Hindenburg accused it of stock manipulation by offshore tax havens. The allegations have been denied by the Adani Group.
Rajiv Jain, Chairman and CIO of GQG Partners, said Adani firms own and operate some of the largest and most important infrastructure assets throughout India and around the world. “We believe the long-term growth prospects for these firms are substantial, and we are pleased to invest in firms that will help advance. India’s economy and energy infrastructure, including their energy transition over long-run,” added Jain. GQG, listed on the Australian Securities Exchange, manages more than $92 billion in client assets as of January 31, 2023, said a statement by Adani Group.
In flagship Adani Enterprises, GQG purchased shares worth Rs 5,460 crore at Rs 1,410.86 apiece. Equity in APSEZ was bought at Rs 596.20 apiece for Rs 5,282 crore. In Adani Transmission, the Rs 1,898-crore purchase was concluded at Rs 668.4 per share. In Adani Green, transaction was worth about Rs 2,806 crore at Rs 504.6 apiece. The transaction took place the day when Supreme Court formed a committee to investigate the allegations raised by Hindenburg.
GQG’s Rajiv Jain is a veteran investor
NEW DELHI: Rajiv Jain founded GQG Partners in June 2016 with over 23 years of investment experience, most notably as the co-chief executive officer (from July 2014) and chief investment officer and head of equities (from February 2002) at Vontobel Asset Management. Jain, the Chairman and chief investment officer of GQG Partners, also serves as portfolio manager for all GQG Partners strategies. Jain launched Australia’s largest IPO when GQG went public in 2021. The firm has been awarded the Morningstar Fund Manager of the Year (Global Equities) for 2023. Born and raised in India, Jain moved to the US in 1990 to pursue his MBA at University of Miami. Jain and his firm have investments in top Indian firms such as ITC, HDFC, RIL, ICICI Bank, and SBI.
