US-based boutique investment firm GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for Rs 8,710 crore ($1.1 billion).
GQG Partners and other investors bought 31.2 crore shares of Adani Power in a block deal, stock market data showed.
Promoter Adani family, which held 74.97 per cent in the company, sold the shares at an average price of Rs 279.17 per share.
Bulk deal data available from the BSE showed that Worldwide Emerging Market Holding Ltd and Afro Asia Trade and Investments Ltd on Wednesday sold 4.6 crore shares and 26.5 crore shares at an average price of Rs 279.16 and Rs 279.18 per share, respectively.
GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust II-Goldman Sachs GQG Partners Intl Opportunities Fund bought 15.2 crore shares at Rs 279.15 apiece, according to the stock market data.
GQG acquired 4.9 crore shares for Rs 1,369 crore, while Goldman-GQG bought 10.3 crore shares for Rs 2,876 crore.
The identity of the other buyers of these shares was not available.
The investment comes days after Deloitte quit as auditor for one of the conglomerate’s key business units, renewing investor concerns even as the group slowly recovers from a report by US short-seller Hindenburg Research, released in January.
The report, which alleged improper use of tax havens and concerns over the conglomerate’s debt levels — something it denies — wiped out nearly $140 billion from the market cap of the group’s listed entities.
US-based investment firm GQG, which started investing in the Adani Group in early March when the group was reeling under damaging allegations made by Hindenburg, has been increasing its stake in group companies.
In March, GQG Partners invested nearly $1.9 billion in Adani Enterprises, Adani Transmission, Adani Ports and Special Economic Zone (Adani Ports) and Adani Green Energy. It subsequently ramped up its stake by making additional purchases worth
$400-500 million in May.
Late June, GQG bought $1 billion (Rs 8,265 crore) worth of additional stakes in Adani Enterprises Ltd and Adani Green Energy Ltd.
Meanwhile regulatory disclosures made by Adani Ports showed two promoter entities jointly acquiring 2.03 per cent in the company via the open market.
The stock exchange data showed that Resurgent Trade and Investment bought 3.26 crore shares which translate to 1.51 per cent of the company’s equity.
Emerging Market Investment DDC bought 1.1 crore shares or 0.52 per cent in the company.
