Shares of Adani Power rose over 3 per cent in early trade on Thursday after US-based investment firm GQG Partners picked up 8.1 per cent stake in the company for $1.1 billion. Adani Power shares gained as much as 3.20 per cent to Rs 288.25 apiece on the BSE.
Earlier, on August 16, Adani Power shares dropped as much as 4 per cent intraday before recouping some of the losses to end the day at Rs 279.9, on reports of a sale of 8.1 per cent equity stake. After the market closed, it was revealed that Rajiv Jain’s GQG Partners bought the stake for about Rs 9,000 crore ($ 1.1 billion).
In March, the US-based GQG Partners had invested $1.87 billion in Adani Enterprises, Adani Ports, Adani Transmission and Adani Green Energy after Adani group lost about half the market value following the release of the short-seller Hindenburg Research report. The fund then put in another $1 billion in June in Adani group companies.
Adani group stocks tanked after the US-based short-seller flagged governance concerns, with Adani Enterprises losing as much as 75 per cent in market capitalisation in just a month. The group firms as a whole erased about Rs 10 lakh crore in market cap.
The stocks have seen a sharp recovery, with Adani Enterprises jumping nearly 150 per cent in the last five months. GQG has made stellar gains on investments in Adani group companies since March, taking the current value of its investments to about $4 billion.
Comments
0 comment