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Business News/ Markets / Stock Markets/  GQG raises stake in Adani Group companies, buys additional 8,300 crore shares in March quarter
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GQG raises stake in Adani Group companies, buys additional ₹8,300 crore shares in March quarter

GQG Partners' stakes in the six Adani Group firms were valued at around ₹54,300 crore as of the March 2024 quarter

GQG Partners raised its investments in six Adani group companies by around ₹8,300 CrorePremium
GQG Partners raised its investments in six Adani group companies by around 8,300 Crore

Rajiv Jain's GQG Partners raised its investments in six Adani group companies by around 8,300 Crore, or $1 billion during the January-March quarter of fiscal 2023-24 (Q4FY24). The six Adani firms are Ambuja Cement Ltd., Adani Ports and SEZ, Adani Power Ltd., Adani Green Energy Ltd., Adani Enterprises Ltd., and Adani Energy Solutions Ltd, according to an IIFL Finance report.

During the March 2024 quarter, Adani Energy Solutions saw the largest stake increase by GQG, worth 2,316 crore, followed by Adani Power and Adani Enterprises with stakes worth 2,138 crore and 1,555.18 crore, respectively. GQG bought shares worth 1,369.27 crore in Adani Green Energy, and 886.10 crore in Adani Ports and SEZ. It also raised its stake in Adani-owned Ambuja Cement by purchasing additional shares worth 33 crore.

Meanwhile, the Adani Group on Wednesday infused 8,339 crore into the group's cement subsidiary Ambuja Cements Ltd. by fully subscribing to the latter's warrants programme. With this, the Adani family has infused a total of 20,000 crore into the country’s second largest listed cement maker and increased its stake further by 3.6 per cent to around 70.3 per cent.

Also Read: Adani family invests 8,339 cr more in Ambuja Cements; stake rises to 70.3%

Presently, GQG owns a 5.2 per cent stake in Ambuja Cement (valued at 2,260 crore), 4.07 per cent in Adani Ports and SEZ (valued at 11,792 crore), 3.38 per cent in Adani Enterprises (valued at 12,298 crore), 4.16 per cent in Adani Green Energy (valued at 12,067 crore), and 5.3 per cent stake in Adani Power (valued at 10,719 crore) of Adani Energy, according to the report.

As of the March 2024 quarter, the value of GQG Partners' holdings in the six Adani Group companies had increased by 33 per cent to 54,300 crore compared to the previous quarter, the report said quoting Fisdom research.

From an initial investment of 21,660 crore, the portfolio has increased by 149 per cent overall, representing gains from investments made throughout three phases, beginning in March 2023. In the Adani Group, GQG made phased investments in March, June, and August of 2023, said the report.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 18 Apr 2024, 09:10 PM IST
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