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GQG takes 1,527 cr stake in IDFC First
Mint Mumbai
|September 02, 2023
Rajiv Jain-led US-based boutique investment manager GQG Partners Llc, on Friday, acquired a 2.6% stake in private lender IDFC First Bank Ltd for ₹1,527.26 crore, raising the former’s total fresh investment in Indian firms to over ₹41,000 crore in a span of just six months
Through a bulk deal on the exchanges, Cloverdell Investment Ltd, an institutional shareholder in IDFC First, has sold 278.7 million shares or 4.2% stake in IDFC First Bank for ₹2,480.3 crore to several entities including GQG Partners.
Soon after a damning report against the Adani Group by US-based short-seller Hindenburg Research on 24 January, as stocks of Adani group firms corrected, GQG Partners purchased significant stakes in several Adani group firms in quick succession.
This story is from the September 02, 2023 edition of Mint Mumbai.
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