GQG buys stake in another Adani stock from promoter in Rs 1,676 crore deal

Promoter entity Fortitude Trade and Investment has sold its entire stake in Adani Transmission for about Rs 2,665 crore through bulk deals on Friday.

Meanwhile, GQG partners has bought stake worth Rs 1,676 crore in the company, bulk deals data showed.

According to data available with the exchanges, GQG Partners has picked up 1.9% stake or 2.13 crore shares in the company. The transaction was done at Rs 786.19 apiece.


The fresh buying in Adani Transmission comes after Goldman Sachs GQG bought 1.19 crore shares of Adani Green Energy on June 28.

GQG Partners, managed by NRI investor NRI Rajiv Jain, had in March came to the rescue of Adani Group companies following a steep slide in group stock on Hindenburg's allegations.

The US-based fund had then invested Rs 15,446 crore in four Adani Group firms - Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises.

Adani group, in the aftermath of the Hindenburg report, has taken massive rearguard action to boost investors' confidence and that resulted in recovery of some losses in prices seen early this year.

In May, boards of Adani Enterprises and Adani Transmission approved raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors.

Recently, Adani Group has told investors that it is eyeing 20% YoY increase in EBITDA to Rs 90,000 crore in the next 2-3 years. The group's combined net debt to EBITDA improved to 3.27 times in FY23 from 3.8 times in FY22.

On Friday, Adani Transmission shares fell over 6% to settle at Rs 767.85 on NSE. Despite recovering some losses from the Hindenburg damage, the stock is still down nearly 70% on a YTD basis.