GQG Partners Invests ₹154 Billion in Adani Group Companies

Adani Green received an investment of ₹28.06 billion


United States- based equity investment firm GQG Partners has closed a major deal involving a series of secondary block trade transactions amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies.

The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share.

Adani Transmission received ₹18.98 billion (~$230.54 million) for 28.4 million shares at ₹668.4 (~$8.12) per share. The investment in Adani Green Energy stood at ₹28.06 billion (~$340.81 million) for 55.6 million shares at ₹504.6 (~$6.13) per share.

“I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world. Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and 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,” said Rajiv Jain, Chairman and CIO of GQG Partners.

GQG Partners specializes in global and emerging markets and manages more than A$130 billion (~$87.65 billion) in client assets as of January 31, 2023.

Jefferies India was the sole broker for the transaction.

Adani Enterprises recently confirmed that it would return Abu Dhabi’s International Holding Company’s AED 1.4 billion (~$381 million) investment into its three green energy-focused companies. Adani Enterprises stated that it aims to protect the interests of its investors by returning the follow-on public offering proceeds to all investors and withdrawing the completed transaction due to market volatility and unforeseen circumstances.

Adani Green recently received a letter of approval to develop two wind energy projects in the Mannar and Ponneryn regions of northern Sri Lanka. The projects will require a total investment of $442 million. The Mannar wind energy project will operate at a capacity of 250 MW, while the Ponneryn project will operate at a capacity of 100 MW.

Adani Green Energy posted a net profit of ₹1.03 billion (~$12.4 million) for the third quarter of the financial year 2022-23, a surge of 110% year-over-year.