Jain's GQG boosts Adani investments

Rajiv Jain’s GQG Partners Llc acquired an additional $1 billion worth of shares in Adani group companies from the promoter group, boosting the US-based fund’s total investment in the Indian conglomerate to $3.4 billion.

- Mayur Bhalerao & Ram Sahgal

The promoters have sold stakes to the Jain-led fund for the second time since US short-seller Hindenburg Research accused Adani Group of manipulating stocks and accounting fraud. The Adani Group has denied the allegations. 

Markets regulator is expected to complete a probe into the Hindenburg allegations by 14 August.

The investment firm, which already holds stakes in four group companies, acquired an additional 18 million shares or 1.58% of Adani Enterprises Ltd from the SB Adani Family Trust for ₹4,140 crore. The shares were acquired at ₹2,300 apiece.

It also acquired 46 million more shares of Adani Green Energy, representing a 2.9% stake, worth ₹4,232 crore. The acquisition was at ₹920 apiece.