US-based global equity investment firm, GQG Partners, and Abu Dhabi-based IHC Group have acquired shares worth nearly $1 billion in Adani Enterprises Ltd and Adani Green Energy Ltd through block deals in the open market. The shares have been acquired from the Adani promoter family.
Around 1.8 crore shares or 1.6 per cent stake of Adani Enterprises were transacted at ₹2,300 a piece while there were several block deals in Adani Green with 3.5 crore shares changing hands, sources said. Adani Enterprises’ shares spiked up 4.7 per cent to close at ₹2,403.65 a piece on the BSE while Adani Green Energy Ltd’s shares were down 0.95 per cent to close at ₹958.40.
Raising stake
Rajiv Jain-led GQG has been investing in Adani group companies over the last few months after allegations by Hindenburg Research dragged down the share price. In March, GQG Partners bought 38,701,168 Adani Enterprises shares at ₹1,411 a piece for ₹5,460 crore. Similarly, it acquired 88,600,000 shares of Adani Ports at ₹596 a piece for ₹5,282 crore, and value of this investment has surged to ₹6,964 crore.
Abu Dhabi-based International Holding Company PJSC (IHC) is also an existing investor in Adani group entities. In 2022, it had completed its ₹15,400-crore investment transaction in three Adani portfolio companies — Adani Green Energy (AGEL), Adani Transmission (ATL) and flagship Adani Enterprises (AEL).