After being battered on the bourses following a scathing report by U.S. brief vendor Hindenburg Research, the Gujarat-based Adani Group on Thursday introduced it had offered minority stakes in 4 listed corporations to U.S. primarily based fairness 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 primary main fairness investment within the embattled conglomerate since Hindenburg had accused the group of accounting fraud and inventory worth manipulation.
“We value GQG’s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and Energy Transition,” Adani stated in an announcement, explaining that shares had been offered by means of secondary market block offers. “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 stated within the assertion.
In AEL, the place the promoters held 72.6 % stake prior to the sale, 3.8 crore shares representing 3.39 % stake was offered for ₹5,460 crore. GQG additionally acquired 8.8 crore shares or 4.1 % shareholding in APSEZ for ₹5,282 crore.
Similarly, as a lot as 2.8 crore shares representing 2.5% stake in ATL, the place promoters held 73.9%, was offered for ₹1,898 crore. And in AGEL, GQG purchased 5.5 crore shares or 3.5 % stake for ₹2,806 crore.
Rajiv Jain, Chairman and CIO of GQG Partners, stated, “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.
