GQG Partners — the boutique investment firm – which had invested $1.87 billion in four Adani group companies in March, providing badly needed funds to the beleaguered conglomerate — has raised its stake in these companies.

Reports said GQG had raised its stakes in the Adani companies by about 10 per cent.

“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Rajiv Jain, GQG’s chief investment officer, said in an interview. “We would certainly want to be partners in any of Adani Group’s new offerings.”

Jain said the value of GQG’s Adani holdings was close to $3.5 billion. He didn’t specify which companies he bought into or what part of the investment value came from direct purchases and rallies in Adani shares.

Observers felt the investment firm is likely to have made the fresh purchases from the open market. There were no comments from the Adani group.

``The Adanis have the best infrastructure assets available in India,’’ a Bloomberg report quoting Jain said on Tuesday.

In early March, the promoters raised Rs 15,446 crore or $1.87 billion by selling stakes in four Adani firms to GQG.

S.B. Adani Family Trust sold shares in Adani Enterprises, Adani Ports & Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd.

Board meet off again

Adani Green Energy on Tuesday said that its board meeting scheduled for May 24 has been cancelled due to the non-availability of directors.

The board meeting to consider fundraising proposals has been cancelled for the second time this month.

The company in a filing stated that on account of the non-availability of directors, the meeting of the board of directors is now cancelled.

The next date of the meeting will be informed with a fresh notice, the company said.

All Adani group stocks rallied for a second day as investors believed that the pressure on the group from the Hindenburg Research report – which had ripped $140 billion worth of market valuation from the 10 listed companies of the group — had eased after the SC-formed experts’ committee said there was no regulatory failure in investigating charges against the Adani group

The gains were led by Adani Enterprises which closed 13.19 per cent or Rs 306.70 higher at Rs 2,632.35 on the BSE after surging nearly 18 per cent during intra-day trades to a high of Rs 2,736.15.