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.
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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