Adani Power, which is a part of the Adani Group, is among the largest private thermal power producers in India
GQG Partners and other investors have reportedly bought 312 million shares in Adani Power. (Credit: Jerubal Jay from Pixabay)
Asset management firm GQG Partners along with other investors have reportedly acquired an 8.1% stake in Indian power and energy company Adani Power through block deals for a sum of INR87bn ($1.1bn).
GQG Partners and investors have bought 312 million shares of the publicly listed Adani Power in this connection, reported various media publications, citing stock market data.
Adani Power is a part of the Adani Group. It is among the largest private thermal power producers in India.
The company has a power generation capacity of 12.4GW that mainly comes from thermal power plants in the states of Gujarat, Karnataka, Maharashtra, Rajasthan, and Chhattisgarh.
Citing data from the BSE, Reuters reported that multiple GQG funds have purchased nearly 152.1 million shares in the Indian energy company. The sellers of the shares are Worldwide Emerging Market and Afro Asia Trade and Investments, both of which are promoter entities of the Adani Group.
Worldwide Emerging Market divested a 1.2% stake in Adani Power for INR13bn ($160m) while Afro Asia Trade and Investments sold its entire stake of 6.9% for INR74bn ($890m), reported The Times of India, citing bulk deal disclosures on the two Indian bourses. The former holds a stake of 3.8% in Adani Power, following the completion of the transaction.
Founded in 2016, GQG Partners has invested approximately INR350bn ($4.21bn) since March 2023 in the Gautam Adani-led conglomerate’s companies.
The investment firm holds shares in Adani Enterprises, Adani Green, Adani Transmission, and Adani Ports apart from Adani Power.
GQG Partners is also reported to have bought shares in another Indian power company
In August 2022, Adani Power agreed to acquire domestic peer DB Power for an enterprise value of INR70.17bn ($840m), subject to certain adjustments. However, the former called off the deal in February 2023 following the expiration of the agreement.