Qatar Investment Authority (QIA) has bought around 2.7% stake in Adani Green Energy Ltd. for about Rs 39.2 billion ($474 million) via block deal, according to stock exchange data.
INQ Holdings, which is a unit of Qatar’s sovereign fund, has purchased more than 42.6 million shares of Adani Green Energy at Rs 920 per share, as the Adani Group seeks international backing in a bid to recover from a scathing short-selling attack earlier this year.
Infinite Trade and Investment Ltd., who is the founder group company of Adani Green, sold 44.9 million shares Monday, BSE data showed. The latest QIA investment would serve as a vote of confidence for billionaire Gautam Adani, who has been attempting a comeback from the crisis triggered by Hindenburg Research, according to media reports.
The US-based short seller in January levelled fraud allegations against Adani Group, which has denied any wrongdoing. It would also mark another major investment into the Indian tycoon’s conglomerate after GQG Partners.
QIA is in line with its plans to increase its exposure in India by buying a stake in Adani Green Energy. The QIA ranks as the world’s 10th-largest sovereign wealth fund, according to SWF Institute data.
Adani Green, last month, had rolled up plans to raise 123 billion rupees ($1.5 billion) to fund expansion. By selling shares through qualified institutional placement (QIP), the renewable energy unit is looking to bring on board more institutional investors and attract more research analysts to cover the firm, sources were quoted as saying by Bloomberg.