According to the report, GQG Partners has acquired 31 million shares of Adani Power in what is now considered the largest secondary market equity trade to date.
Investors including the American-based boutique investment firm GQG Partners have injected a $1.1 billion investment to acquire an 8.1% stake in Adani Power.
This acquisition took place on August 16th, with the disclosure emerging from bulk deal data in the market.
According to a report from news agency PTI, GQG Partners procured 31 million shares of Adani Power in what has become the largest secondary market equity trade to date. They mentioned that the Adani family promoters divested their stake for over ₹9,000 crore.
As per Bloomberg, on Wednesday, Port-to-Power Company expedited its efforts to counter short-seller attacks by engaging in trading of approximately $1 billion worth of shares in five blocks.
In a news report by ETMarkets.com, information gathered by Bloomberg indicated that around 310.9 million shares were traded.
During Wednesday’s trading session, Adani Power’s share price on the BSE closed at ₹279.30, marking a decline of 2.29%.
However, the identities of buyers and sellers during the trading activity remained undisclosed.
The Adani family has sold shares of Adani Power. Initially, they held a 74.97% stake, but they have now divested 31.2 crore shares, equivalent to an 8.1% stake.
At what price were the shares of Adani Power sold?
The original negotiated price for this deal has remained approximately at INR 279.17 per share. According to data from the stock market, GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust 2-Goldman Sachs GQG Partners International Opportunity Fund acquired 15.2 crore shares at a price of INR 279.15 per share.
GQG invested in Adani Group’s fourth company.
Adani Power’s fourth subsidiary has received an investment from GQG. It’s worth noting that GQG initiated its investments within the Group during a period marked by the Hindenburg Research report, which caused significant losses to the Adani Group.
In various Adani Group companies, GQG has acquired stakes of 5.4% in Adani Enterprises, 6.54% in Adani Green Energy, and 2.5% in Adani Transmission, respectively, further reinforcing its presence.