Adani stocks: GQG hikes stake in 4 companies, promoter and LIC holding down in 2

NRI investor Rajiv Jain-led boutique investment firm GQG Partners increased stake in at least 4 Adani Group companies during the September quarter when the promoter holding went down in 2 of them.

An analysis of the September quarter shareholding pattern reveals that the GQG stake in Adani Energy Solutions went up from 4.57% in Q1 to 4.7% in Q2 as Team Jain bought 55,11,064 shares of the company.

At the same time, on a quarter-on-quarter basis, the promoter holding in Adani Energy went down from 74.94% to 69.94%.


Adani Enterprises saw the GQG stake going up from 3.4% to 3.52% in Q2. During the quarter, the promoter holding also rose from 74.72% to 74.89%, a small increase of 17 bps.

In the case of Adani Green Energy, GQG's ownership rose 5 basis points to 4.21% during the quarter as the firm bought 8,64,849 shares of the company. The promoter ownership also rose from 57.52% to 60.94% in the quarter, a sharp increase of 342 bps.

GQG also chose to increase its stake in Ambuja Cements from 1.35% to 2.05% on a quarterly basis. On the other hand, promoter holding in the cement stock fell from 70.33% in Q1 to 67.57% in Q2.

On the other hand, the GQG stake went down marginally in Adani Ports where it sold 1,49,932 shares, and Adani Power where it sold 5,38,990 shares. The promoter holding in Adani Power went up 225 bps to 74.96%.

In the meantime, the state-run Life Insurance Corporation of India (LIC), which also owns a stake in 7 Adani companies, has cut stakes in two of them.

LIC holding in ACC went down from 6.4% in the June quarter to 6.39% in the September quarter. Adani Energy Solutions saw LIC ownership falling from 3.68% to 2.78% on a sequential basis.