According to bulk deals data available with the exchanges, GQG Partners Emerging Market Fund and Goldman Sachs GQG Partners International and few other investors picked up the stake.
Meanwhile, Worldwide Emerging Market Holding, part of the promoter group, offloaded 1.2% stake. Another promoter entity Afro Asia Trade and Investments sold its entire stake in the deal. The promoter group entities together sold about 8.1% stake in Adani Power, bulk deals data further showed.
As of June 2023, Worldwide Emerging Market Holding held 5% stake and Afro Asia Trade and Investments has 6.88% stake in the company.
After corporate governance allegations by US-based short seller Hindenburg, GQG Partners went against the market sentiments and invested in Adani stocks.
Back in March, it had invested more than Rs 15,000 crore and picked up stake in four Adani companies, including Adani Enterprises.
Since then, the boutique investment company has ramped up its shareholding in the group companies in a sign of its confidence in the group.In June, GQG bought another $1 billion (Rs 8,265 crore) worth of additional stakes in the group’s flagship Adani Enterprises and renewable energy firm Adani Green Energy. As of June 2023, GQG holds 2.67% in Adani Enterprises and 3.5% in Adani Green Energy.
In the same month, the US-based investment firm also bought a stake worth Rs 1,676 crore (about 1.9%) in Adani Transmission.
In a bombshell report, Hindenburg in January alleged accounting fraud and stock price manipulation at the group, triggering a stock market rout that had erased about $150 billion in its market value at its lowest point. Adani Group has denied all the allegations.
The ports-to-cement conglomerate is plotting a comeback strategy that includes pre-paying debt, scrapping acquisitions to address concerns. Amid reports of a block deal, Adani Power shares closed 1.07% lower at Rs 283.05 on NSE.
Adani Power is the largest private sector thermal power company in India and has one of the youngest and state of art fleet. About 80% of its capacity is super critical and latest units are ultra super critical.
Its fleet plays dual role – base load as well as grid balancing role by providing desired generation when renewable energy is not able to generate during non-Sunny, non-windy hours.
For the recent first quarter, Adani Power recorded 83% growth in its consolidated net profit at Rs 8,759 crore, while net revenue declined nearly 20% YoY to Rs 11,005 crore.