Adani Power’s share price exhibited a robust surge of over 3% on Thursday early trading. It must be noted that US-based investment firm GQG Partners has successfully acquired an 8.1% stake in the company, amounting to a substantial investment of $1.1 billion.
Adani Power shares reaching ₹288.25 per share on the Bombay Stock Exchange (BSE).
GQG Partners has purchased a significant volume of 31 crore shares of Adani Power. This also marks the largest secondary market equity deal to date. The Adani Group, the company’s promoter, facilitating the transfer of this stake, generated a substantial revenue of over ₹9,000 crore from the sale of their holdings in this energy-generation conglomerate.
Notably, GQG Partners, under the leadership of India-born Rajiv Jain, has demonstrated a strategic focus on accumulating stakes in various Adani Group companies. Since March, the firm has engaged in intense secondary market transactions, amassing stakes valued at a minimum of ₹26,445 crore.
Amid the company’s drive to rebound from a short-seller attack, Wednesday saw significant activity in Adani Power’s shares. A total of five share blocks, totaling nearly $1 billion in value, were exchanged. This surge in trading activity underscored the company’s earnest efforts to recover.
Furthermore, Adani Group’s two promoter entities, Resurgent Trade and Investment Ltd and Emerging Market Investment DDC, collaboratively augmented their shareholding in Adani Ports and Special Economic Zone Ltd by more than 2%, fortifying their presence in the market.
As of 9:30 AM, Adani Power shares continued their upward trajectory, trading at ₹285.20 apiece, marking a 2.11% increase. Similarly, Adani Ports’ share price exhibited a positive trend, trading at ₹785.90 apiece, reflecting a 1.30% surge on the BSE.