Adani Power share price rallies over 3% as GQG Partners picks 8.1% stake

Adani Power share price rallied over 3% in early trade on Thursday after US-based investment firm GQG Partners picked up 8.1% stake in the company for $1.1 billion. Adani Power shares gained as much as 3.20% to ₹288.25 apiece on the BSE.

GQG Partners bought 31 crore shares of Adani Power in the largest ever secondary market equity deal. The promoter Adani Group sold the stake for over ₹9,000 crore in the energy-generation company.

Also Read: Goldman Sachs buys Adani Power shares worth ₹2,876 crore. Stock jumps

After amassing stakes worth at least ₹26,445 crore in multiple Adani group firms through secondary market transactions since March, India-born Rajiv Jain-led investment management firm GQG Partners Llp bought an additional stake worth over $1.1 billion from the promoters of Adani Power.

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.

Additionally, two promoter entities, Resurgent Trade and Investment Ltd and Emerging Market Investment DDC, together raised shareholding in Adani Ports and Special Economic Zone Ltd by over 2%. 

Read here: Adani Ports stake buy: Two promoters raise stake over 2%. Details here

At 9:30 am, Adani Power shares were trading 2.11% higher at ₹285.20 apiece, while Adani Ports share price was trading 1.30% higher at ₹785.90 apiece on the BSE.

Catch Live Market Updates here