After being battered on the bourses following a scathing report by U.S. short seller Hindenburg Research, the Gujarat-based Adani Group on Thursday announced it had sold minority stakes in four listed companies to U.S. based equity investment boutique GQG Partners for ₹15,446 crore.
The transaction in Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL), Adani Transmission Ltd. (ATL) and Adani Enterprises Ltd. (AEL) marks the first major equity investment in the embattled conglomerate since Hindenburg had accused the group of accounting fraud and stock price manipulation.
“We value GQG’s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and Energy Transition,” Adani said in a statement, explaining that shares had been sold through secondary market block deals. “This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani portfolio of companies,” Adani Group CFO Jugeshinder Singh said in the statement.
In AEL, where the promoters held 72.6 % stake prior to the sale, 3.8 crore shares representing 3.39 % stake was sold for ₹5,460 crore. GQG also acquired 8.8 crore shares or 4.1 % shareholding in APSEZ for ₹5,282 crore.
Similarly, as much as 2.8 crore shares representing 2.5% stake in ATL, where promoters held 73.9%, was sold for ₹1,898 crore. And in AGEL, GQG bought 5.5 crore shares or 3.5 % stake for ₹2,806 crore.
Rajiv Jain, Chairman and CIO of GQG Partners, said, “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,” Mr. Jain added.
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