GQG Partners buys shares worth US$1.87bil in Adani firms

GQG Partners buys shares worth US$1.87bil in Adani firms

The conglomerate's companies have lost some US$135 billion in market value.

Adani was accused of improperly using offshore tax havens and stock manipulation. (AP pic)
BENGALURU:
US boutique investment firm GQG Partners has bought shares worth US$1.87 billion in India’s Adani group companies, the conglomerate said today, marking the first major investment in the group since a short-seller’s critical report sparked a stock rout.

The group’s seven listed companies have lost some US$135 billion in market value since Jan 24, when Hindenburg Research accused it of improperly using offshore tax havens and of stock manipulation – allegations the billionaire Gautam Adani-led group has denied.

GQG Partners, through block deals, has bought shares worth 154.46 billion rupees in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and the conglomerate’s flagship firm Adani Enterprises, a regulatory filing today showed.

“We believe that the long-term growth prospects for these companies are substantial,” said Rajiv Jain, chairman and chief investment officer of GQG Partners.

“We are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long run.”

Jefferies India was the sole broker for the transaction.

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