HomeUncategorizedGQG Partners Buys Rs 1,676-Crore Stake In Adani Transmission

GQG Partners Buys Rs 1,676-Crore Stake In Adani Transmission

UncategorizedJune 30, 2023
2 min read
[ad_1]\r\n\n \n According to National Stock Exchange data:Promoter entity Fortitude Trade and Investment Ltd. sold 33.92 million shares.Goldman Sachs GQG Partners Inte
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According to National Stock Exchange data:

  • Promoter entity Fortitude Trade and Investment Ltd. sold 33.92 million shares.

  • Goldman Sachs GQG Partners International Opportunities Fund bought 14.06 million shares.

  • GQG Partners Emerging Markets Equity Fund bought another 7.26 million shares.

The bulk deals happened at a price of Rs 786.19 apiece. GQG funds acquired stake worth about Rs 1,676 crore, while the promoter entity sold shares worth about Rs 2,665 crore.

The fresh purchase came two days after GQG Partners and other Investors have bought stake worth $1 billion in Adani Enterprises Ltd. and Adani Green Energy Ltd.

The investors acquired stake worth $500 million each from the Adani family in the two forms.

GQG had first invested $1.87 billion in four Adani companies, including Adani Enterprises and Adani Green, on March 2 even as the group repaid debt and held road shows to shore up confidence after a short-seller report.

The firm increased its stake by buying shares worth $400-500 million in the following months via open market purchases.

Rajiv Jain, GQG founder, had said earlier that he expects his investment to double. He told BQ Prime that he has bought into a conglomerate led by \"an entrepreneur who does a phenomenally good job in execution\".

Shares of Adani Transmission closed 0.5% lower on Friday compared to a 1.14% gain in the benchmark Nifty 50.

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