Shares of Adani Power, one of the seven main listed companies of the Adani Group, are in focus today after US boutique investment firm GQG Partners picked up an over 8 per cent stake in the company.
The Rajiv Jain-led investment firm, which had earlier invested in multiple Adani Group companies, has bought 8.1 per cent stake in Adani Power.
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Based on bulk deal data, the US boutique investment firm acquired 31.2 crore Adani Power equity shares for over Rs 9,000 crore ($1.1 billion). This substantial transaction, along with other investors, marked one of the largest secondary market equity deals, as shown in stock market records.
Following the investment, shares of Adani Power gained nearly 3 per cent in early trade on Thursday.
At around 10 am, shares of Adani Power were up 2.82 per cent at Rs 287.80.
GQG Partners had initially invested Rs 15,000 crore in stakes in some Adani Group companies and later increased the investment, with Jain exuding confidence about the conglomerate’s future despite the scathing report by US short-seller Hindenburg Research.
The fresh stake purchase by GQG Partners has also given a boost to other Adani Group stocks, with Adani Ports featuring in the top five gainers on the Nifty50 after gaining 1.35 per cent. Initially, the stock had gained more than 2 per cent.
Shares of Adani Transmission are up 1.45 per cent, while the flagship Adani Enterprises shares are up marginally by 0.60 per cent. Adani Wilmar shares were also up marginally.
