Shares of Adani Group Ltd rose 10% on the BSE in intraday trade on Friday after promoters sold shares worth Rs 15,446 crore in four listed entities to US-based global equity investment boutique GQG Partners.
The promoters plan to use the proceeds for debt repayment and other purposes. They sold a stake in Adani Enterprises (AEL) worth Rs 5,460 crore and a stake in Adani Ports & Special Economic Zone (APSEZ) worth Rs 5,282 crore. They also sold stakes worth Rs 2,806 crore in Adani Green Energy and Rs 1,898 crore in electricity distributor Adani Transmission.
Among individual stocks, Adani Portfolio’s incubated unit AEL soared 10% to Rs 1,767.35 on the BSE. APSEZ soared 8% to Rs 672.85. Meanwhile, Adani Transmission (Rs 743.75), Adani Green Energy (Rs 562), Adani Total Gas (Rs 781.85), Adani Power (Rs 169.45), Adani Wilmar (Rs 418.30) and New Delhi Television (NDTV) (Rs 220.10) are locked at 5% upper circuit. Ambuja Cements and ACC each rose 4%. In contrast, the S&P BSE Sensex rose 0.83% to 59,397.77 at 9:28 am.
GQG is one of the world’s leading global and emerging market investors with an exceptional long-term track record. As of 31 January 2023, GQG Partners managed more than A$130 billion ($92 billion) in client assets.
“GQG is investing in Adani portfolio companies that own and operate India’s largest airport and port platform, India’s largest private sector transmission and distribution platform, which will generate around 9% of India’s renewable energy capacity by 2030,” Adani Released in the media.
APSEZ has committed to becoming carbon neutral by 2025 and leading the way in developing a sustainable transport utility. AEL, through its wholly-owned subsidiary Adani New Industries Limited, is committed to building a new green hydrogen vertical over the next nine years, focusing on decarbonising industrial energy and transport.