GQG Acquires 8.1% Stake in Adani Power for $1.1 Billion
In recent Adani Power developments, distinguished US-based investment firm GQG Partners has substantiated a substantial investment of $1.1 billion in Adani Power, procuring an impressive 8.1% stake in the company, as reported by PTI.
Sources from PTI have revealed that GQG Partners successfully acquired a substantial volume of 31 crore shares of Adani Power in what is being recognized as the most significant secondary market equity transaction to date. Notably, the stake was divested by the Adani family, the company’s promoters, fetching an astounding sum of over ₹9,000 crore.
In the midst of endeavors to recuperate from a recent short-selling episode, Adani Power saw considerable activity in its shares. A total of five share blocks, accounting for roughly $1 billion in transactions, transpired on Wednesday. This heightened trading activity reflects the company’s resolute drive to overcome the challenges posed by the short-seller controversy. Bloomberg reports that a substantial 310.9 million shares exchanged hands during these transactions, corroborated by information sourced by ETMarkets.com.
The trading session on Wednesday saw the closing of Adani Power’s share price at ₹279.30 per share on the BSE. This closing figure represented a marginal dip of 2.29% from its previous value.
About Adani Power:
Adani Power, a member of the Adani Group, is a prominent Indian energy corporation situated in Khodiyar, Ahmedabad. Specializing in private thermal power generation, the company boasts an impressive capacity of 12,450 MW. Additionally, it oversees a significant 40 MW capacity solar facility located in Naliya, Bitta, Kutch, Gujarat.
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