Boutique investment firm GQG Partners holds a 5.4 per cent stake in Adani Enterprises and a 6.54 per cent stake in Adani Green Energy at the end of June.
The US-based investment firm, which started investing in the Adani group in early March when the group was reeling from damaging allegations made by short-seller Hindenburg Research, has since been increasing its stake in group companies, most recently this week.
On March 2, it acquired 3.9 crore shares or a 3.4 per cent stake at ₹1,410.86 apiece. Since then it has added to the stake, acquiring 50 lakh shares between then and June 27. On June 28, it acquired another 1.6 per cent stake at ₹2,300 surpassing the 5 per cent mark. From ₹5,460 crore on March 2, the value of GQG’s holding in the flagship firm of the Adani group is currently over ₹14,800 crore.
In Adani Green, the investment firm started with a 3.5 per cent stake, buying 5.6 core shares for ₹2,806 crore at ₹504.50 each. From then to June 27, it added more, taking its stake to 3.72 per cent, and then buying 2.8 per cent in a bulk deal on June 28 to hold over 6 per cent. The value of its investments in Adani Green is now worth over ₹9,800 crore.
Adani Enterprises and Adani Green disclosed to exchanges on Saturday about GQG Partners’ holdings.
On Friday, GQG Partners bought more stakes in another group firm Adani Transmission, in which he had originally acquired a 2.5 per cent stake for ₹2,806 crore at ₹668.40 each. The recent deals were done at Rs 786.19 each.
GQG Partners’ chairman and chief investment officer Rajiv Jain has been vocal about his investments in Adani group firms and his conviction about their growth prospects. When he first invested, he said, “I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world.” In subsequent comments to the media, he has maintained his bullish stance on the group and the importance of its operations in India’s infrastructure growth.