Through a series of secondary stock exchange transactions, the Adani family sold shares in two group companies worth well over £837.2 million. GQG Partners, an American company listed in Australia, bought the majority of the stocks. In the wake of Hindenburg Research's explosive report on its business practises, which resulted in billions of dollars in market value being lost, the family led by Gautam Adani will continue to rebuild investor confidence by using the funds raised from the share sale to shore up liquidity and strengthen the balance sheet.
This is the third time GQG, which was founded in June 2016 by India-born Rajiv Jain, along with Tim Carver, has ploughed money into Adani Group companies.
The asset manager presently holds 6. 32% of Adani Green Energy, 4. 96% of Adani Enterprises, 4. 1% of Adani Ports, and 2. 45% of Adani Transmission. The asset manager has $92 billion in assets under management as of January this year.