GQG Partners invests 1.1 billion in Adani Power

US-based boutique investment firm GQG Partners invested USD 1.1 billion in Adani Power to pick up 8.1% stake in company, said PTI in its news report. On Wednesday, five blocks of shares totalling approximately $1 billion were traded as the ports-to-power company stepped up its efforts to recover from a short-seller attack, according to Bloomberg. According to information gathered by Bloomberg, almost 310.9 million shares were traded, said ETMarkets.com in its news report.

On Wednesday's trading session, Adani Power share price closed 2.29% lower at ₹279.30 apiece on BSE. Following corporate governance concerns made by US-based short seller Hindenburg, GQG Partners opted to buy in Adani equities, challenging market trends.

In July, GQG bought around 3 per cent stake in Adani Transmission through open market transactions worth ₹2,666 crore. The fresh purchase came two days after investment firm GQG Partners, along with the IHC Group and others, invested around $1 billion in Adani Group stocks. GQG, controlled by Rajiv Jain, and other investors bought a total of $1 billion of additional stakes in the conglomerate's stocks -- Adani Enterprises, Adani Green Energy -- through block deals.

GQG invested ₹15,446 crore earlier in March to acquire in four Adani Group companies: Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises.

IHR/SU