Adani Power Shares Climb Over 3% After GQG, Other Investors Buy 8.1% Stake

Shares of Adani Power jumped over 3 per cent in morning trade on Thursday after US-based boutique investment firm GQG Partners along with other investors bought an 8.1 per cent stake in the company for over Rs 9,000 crore (USD 1.1 billion).

While the stocks gained 3.27 per cent to Rs 288.45 on the BSE, it was trading at Rs 288.50 per share with a jump of 3 per cent on the NSE.

Adani Group shares

Majority of the Adani Group shares were also trading in the green during morning deals, including Adani Enterprises that was trading at Rs 2,469, Adani Transmission which touched Rs 833.30, Adani Wilmar that was at Rs 373.05 and NDTV that was at days high of Rs 222.20.

GQG with other investors Invests Rs 9,000 cr in Adani Power

GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for over Rs 9,000 crore, as the marquee investor shrugged off the damning report of a US-based short-seller, to invest in billionaire Gautam Adani's group.

GQG Partners and other investors bought 31.2 crore shares of Adani Power in a block deal -- one of the largest ever secondary market equity transactions -- stock market data showed.

Adani Power is the fourth firm of the ports-to-energy conglomerate where GQG has invested since May.

Promoter Adani family, which held 74.97 per cent in the firm, sold 31.2 crore or an 8.1 per cent stake at an average price of Rs 279.17 per share.

The US-based investment firm, which started investing in the Adani Group in early March when the group was reeling under damaging allegations made by short-seller Hindenburg Research, has been increasing its stake in group companies.

With Inputs From Agencies