Adani Group of Companies’ shares have been having a rough time of slumps and volatility and negative press and investor sentiment as uncertainty builds over SEBI registration.
Amidst the chaos, on Thursday the shares of Adani Power climbed over 2% after US-based boutique investment firm GQG Partners along with other investors bought an 8.1% stake in the company for over Rs 9,000 crore (USD 1.1 billion). The stock gained 2.58% to settle at Rs 286.50 on the BSE.
During the day, it climbed 3.27% to Rs 288.45. At the NSE, it climbed 2% to end at Rs 285.55 apiece. Majority of the group companies also ended in the green. Adani Ports jumped 4.47%, Ambuja Cements climbed 1.91%, Adani Enterprises gained 1.45%, NDTV (1.26%), ACC (0.64%) and Adani Transmission (0.42%).
GQG Partners along with other investors on Wednesday bought an 8.1% stake in Adani Power Ltd for over Rs 9,000 crore, as the marquee investor shrugged off the damning report of a US-based short-seller, to invest in billionaire Gautam Adani’s group.
GQG Partners and other investors bought 31.2 crore shares of Adani Power in a block deal — one of the largest ever secondary market equity transactions — stock market data showed. Adani Power is the fourth firm of the ports-to-energy conglomerate where GQG has invested since May. Promoter Adani family, which held 74.97% in the firm, sold 31.2 crore or an 8.1% stake at an average price of Rs 279.17 per share.
The US-based investment firm, which started investing in the Adani Group in early March when the group was reeling under damaging allegations made by short-seller Hindenburg Research, has been increasing its stake in group companies.
