Adani Power Shares Rises 3% After US Investment Firm GQG Partner Picks Up 8.1% Stake

The shares of Adani Power rallied over 3% in early trading sessions on Thursday after US investment firm GQG Partner picked up 8.1% stake in the company  for $1.1 billion. Adani Power shares gained as much as 3.20% to Rs 288.25 per piece on BSE on August 17.

At the time of writing this article, shares of Adani Power were trading 2.50% at Rs 286.90 per share.

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GQG Partner bought 31 crore shares of Adani Power in the largest secondary market equity deal. The promoter Adani Group sold the stake for over ₹9,000 crore in the energy-generation company.

Rajiv Jain-led GQG Partner has so far amassed stakes worth at least ₹26,445 crore in multiple Adani group firms through secondary market transactions since March. In July, GQG bought around 3% stake in Adani Transmission through open market transactions worth ₹2,666 crore. 

GQG invested ₹15,446 crore earlier in March to acquire four Adani Group companies: Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises.

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According to a Bloomberg report, five blocks of shares totalling approximately $1 billion were traded as the conglomerate stepped up its efforts to recover from a short-seller attack on Wednesday.

Two promoter entities, Resurgent Trade and Investment Ltd and Emerging Market Investment DDC, together raised shareholding in Adani Ports and Special Economic Zone by over 2%.