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
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp