INQ Holdings LLC, a wholly-owned subsidiary of Qatar Investment Authority (QIA), has acquired nearly 2.7 per cent in Adani Green Energy Ltd for Rs 3,920 crore from promoter entity Infinite Trade and Investment.
INQ bought 4.26 crore shares of Adani Green at Rs 920 per share, according to Bombay Stock Exchange (BSE) data.
Infinite Trade sold 4.48 crore shares at a weighted average price of Rs 920.43 apiece, which yielded Rs 4,131 crore. The identity of the other buyers was not available.
The Adani Green investment is Qatar’s second in an Adani group company: in 2020, it had acquired a 25.1 per cent stake in Adani Electricity Mumbai Ltd, a subsidiary of Adani Energy Solutions Ltd.
INQ’s stake in Adani Green follows another investor GQG Partners raising its stake in the company.
In late June, the US-based boutique investment firm bought 4.47 crore or 2.82 per cent additional shares which increased its holding to 6.32 per cent in Adani Green. These shares were also sold by Infinite Trade and Investment.
In March, the promoters sold stakes worth Rs 15,446 crore ($1.87 billion) in four group companies that included Adani Enterprises, Adani Transmission, Adani Green and Adani Ports and Special Economic Zone to GQG, which made additional purchases of shares worth $400-500 million in May.
As per shareholding data for the quarter ended June 30, 2023, while the promoter holding in Adani Green stands at 56.27 per cent, Infinite Trade’s stake was 3.37 per cent or 5.34 crore shares.
Reports of the bulk deal led to shares of Adani Green coming under selling pressure. Market circles said the counter may rally on Tuesday on news of INQ Holdings’ purchase.
On the BSE, the Adani Green share ended at Rs 965.05, a loss of Rs 47.50 or 4.69 per cent over the last close.
During intra-day trades, it crashed nearly 12.50 per cent to a low of Rs 886.25.
The investments by GQG and INQ Holdings indicate the conglomerate has
managed to break free from the damaging allegations made by Hindenburg Research in January.
The charges not only wiped out more than $140 billion of market value from Adani group companies but also
saw flagship Adani Enterprises aborting a Rs 20,000 crore follow-on public offering (FPO).
Meanwhile, Adani Energy Solutions Limited on Monday said it has achieved financial closure for its $1 billion green high voltage direct current (HVDC) link project, that will increase renewable energy supply to Mumbai.