Through secondary transactions, the Adani family sold Adani Power shares worth more than £ 870 million. GQG Partners, a US-based company that has invested approximately £3.5 billion in several Adani companies since early March, bought about half of the equities.
GQG also holds shares of Ambuja Cements but unlike the five stocks, which it largely acquired from the promoter family, it had picked up the building materials company’s shares from the market.
Bulk deal disclosures on the two bourses showed Worldwide Emerging Market Holding sold 1.2% in Adani Power for £130 million while Afro Asia Trade and Investments offloaded its entire 6.9% shares for £740 million.
The stock was sold at a price similar to its closing price of Rs 279 on the BSE. After the transaction, Worldwide Emerging holds 3.8% of Adani Power, the country’s largest coal-fired electricity generator.
Additionally, disclosures revealed that for £424 million, GQG and an affiliate fund purchased 152 million shares of Adani Power, or around 4% of the company's equity. Even though it's GQG's first investment in Adani Power, this is a small fraction of their overall wager on the Adani Group.