Veteran Investor and NRI Rajiv Jain, who is also the Chief Investment Officer (CIO) at the US-based investment firm GQG Partners is bullish on the Adani Group.
GQG Partners on March 02, had bought a stake worth ₹ 15,446 crores (about $ 1.9 billion in Adani Enterprises, Adani Ports and Special Economic Zone LtdAdani Transmission Ltd. and Adani Green Energy Ltd., as they “were getting fantastic assets at very attractive valuation then.” This investment is worth more than ₹ 24,659 crores, up by a staggering ₹ 9,213 crore.
The Foreign Institutional Investor (FII) bought an additional stake in Adani Group companies just before the Supreme Court panel report. It is bullish on the apples-to- airports conglomerate and has been buying its stocks. Moreover, is keen to participate in the conglomerate’s fundraising plan.
A Supreme Court-appointed panel found no evidence of stock price manipulation in the Group companies, which helped GQG Partners earn more than 50% gains within three months on their March investments.
Rajiv Jain said that he was not exactly surprised by the report. He said that a lot of things that are being investigated have been investigated before. He said that GQG has bought into a group led by “an entrepreneur who does a phenomenally good job in execution”.
The apex court had appointed a committee headed by former judge Justice AM Sapre. The committee in its 173-page report said that based on data from the Securities and Exchange Board of India (SEBI), it saw “no evident pattern of manipulation” that led to a rally in billionaire Gautam Adani’s Companies, which can be attributed to any single entity or group of entities.
The panel said in the report that it was not possible to conclude whether there had been regulatory failures regarding price manipulations. The Supreme Court had last week extended the deadline for SEBI to complete its probe into the Adani Hindenburg issue.
“Within five years, we would like to be one of the largest investors in the Adani Group depending on the valuation, after the family,” Rajiv Jain told Bloomberg.
One of the greatest concerns that investors have regarding the Adani group is its mounting debt, however, Jain believes that most of the group companies have regulated assets and debt levels are on the lower side from a utility perspective.
Written By Simran Bafna
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