Adani Power shares climb over 2 pc; majority of group firms settle in green

PTI, Aug 17, 2023, 4:54 PM IST

Shares of Adani Power climbed over 2 per cent on Thursday after US-based boutique investment firm GQG Partners along with other investors bought an 8.1 per cent stake in the company for over Rs 9,000 crore (USD 1.1 billion).

The stock gained 2.58 per cent to settle at Rs 286.50 on the BSE. During the day, it climbed 3.27 per cent to Rs 288.45.

At the NSE, it climbed 2 per cent to end at Rs 285.55 apiece.

Majority of the group companies also ended in the green. Adani Ports jumped 4.47 per cent, Ambuja Cements climbed 1.91 per cent, Adani Enterprises gained 1.45 per cent, NDTV (1.26 per cent), ACC (0.64 per cent) and Adani Transmission (0.42 per cent).

GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for over Rs 9,000 crore, as the marquee investor shrugged off the damning report of a US-based short-seller, to invest in billionaire Gautam Adani’s group.

GQG Partners and other investors bought 31.2 crore shares of Adani Power in a block deal — one of the largest ever secondary market equity transactions — stock market data showed.

Adani Power is the fourth firm of the ports-to-energy conglomerate where GQG has invested since May.

Promoter Adani family, which held 74.97 per cent in the firm, sold 31.2 crore or an 8.1 per cent stake at an average price of Rs 279.17 per share.

The US-based investment firm, which started investing in the Adani Group in early March when the group was reeling under damaging allegations made by short-seller Hindenburg Research, has been increasing its stake in group companies.