GQG trims holding in Adani's largest unit after 100% gain

GQG Partners LLC sold about 1% equity in Adani Group's power unit last week in a $250 million deal, according to people familiar with the matter, signalling fund manager Rajiv Jain’s intent to take some profits on one of his most lucrative bets.

- Bloomberg

SBIFunds Management Ltd and Citadel Securities LLC were among the buyers in the open-market deals, in which 35 million shares were sold in the range of ₹610 to ₹625 apiece, one of the people said asking not to be identified as the details are private.

The sale represents a near 100% gain on GQG Partner's average purchase price since it began buying the shares in 2023.

The partial exit comes as India’s securities regulator, Securities and Exchange Board of India (Sebi), last week dismissed some allegations made in early 2023 by now-defunct Hindenburg Research against the Adani Group and its billionaire founder, Gautam Adani.

‘The combined market value of the conglomerate’s 10 companies has risen by nearly $19 billion over two sessions through Monday.