GQG Partners Inc founder Rajiv Jain will meet clients and stockholders in Australia this week, the company said in a statement on Tuesday and will enlighten its investment into the tormented Indian Adani group.
GQG Partners credited shares worth $1.87 billion in four Adani group corporations, marking the first and foremost investment in the Indian multinational since a short-sellers critical report flashed a stock rout.
A January report by US-based Hindenburg Research suspected stock manipulation and inappropriate use of tax havens by Adani and highlighted apprehensions over debt levels. Adani has forbidden the allegations and repudiated any wrongdoing.
The stake acquisition had elevated queries from an Australian pension fund client of GQG at a time when leading investors, including Norway’s sovereign wealth fund, were vending the stock.
Jain is gathering some of GQG’s clients in person while undertaking conference calls with others, sources told Reuters. The statement said it is Jain’s first visit to Australia since the company registered on the ASX in 2021.
GQG bought 3.4% of Adani Enterprises Limited for approximately $662 million, 4.1% of Adani Ports and Special Economic Zone Limited for $640 million, 2.5% of Adani Transmission Limited for $230 million and 3.5% of Adani Green Energy Limited for $340 million.
It purchased the stock from the Adani family trust, according to the Indian firm’s filings.