GQG Partners, which had come as a white knight to rescue Adani Group companies after they were rocked by allegations of now-defunct short seller Hindenburg Research, has raised its bet further in the Indian conglomerate.
Backed by Rajiv Jain, GQG has increased its stake in five Adani Group companies through the block deal route. The investment management firm bought shares in Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), Adani Power, Adani Green Energy and Adani Energy Solutions, regulatory disclosures to the bourses showed.
All put together, the global boutique asset management firm known for its active portfolio management and long-term value delivery to clients, picked up stocks worth ₹5,100 crore.
The biggest bet by the Jain-led firm was in Adani Enterprise, where it picked up 53.42 lakh shares at ₹2,462 apiece in three block deals, spending ₹1,315.2 crore on the transaction. The seller was Reliance Institutional Retirement Trust Series Eleven.
In Adani Ports, GQG bought 73.17 lakh shares in two tranches at a price of ₹1,507.6 per share. The total size of the deal was at ₹1,103.14 crore, and the shares were sold by Reliance Trust.
GQG also acquired 77.39 lakh shares of Adani Green Energy at ₹1,088.6 apiece for a total of ₹842.53 crore. GQG bought Adani Power’s 8.36 crore shares at ₹153.28 apiece for a deal size of ₹1,281.57 crore. It bought 53.94 lakh shares of Adani Energy Solutions in two transactions for a price of ₹1,021.55 per share, spending ₹551.08 crore in the process.
The cumulative transactions are, however, ranked lower than the initial buys reported in March 2023. The promoters of Adani Group had then raised $1.87 billion or ₹15,446 crore by selling stakes in Adani Enterprises, Adani Ports & Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd to the Jain-led entity.
Lenders clear JAL bid
Adani has won the approval of creditors of Jaiprakash Associates (JAL) for its ₹14,535 crore acquisition proposal for the bankrupt infrastructure group.
Adani Enterprises outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and the Vedanta group.
AWL Agri stake
The Adani group has sold an additional 13 per cent stake in AWL Agri Business Ltd (formerly Adani Wilmar) to a subsidiary of Wilmar International through an off-market transaction. Adani Commodities LLP sold 16.9 crore (13 per cent) shares in AWL to Lence Pte Ltd, a subsidiary of Wilmar International.