Seven Adani Group companies gained ₹129,545 crore market cap this week, with Adani Enterprises (gained market cap worth ₹61,531 crores) taking the lead followed by Adani Ports and Special Economic Zone (gained market cap worth ₹33,764 crores).
In Friday's trading session, the seven Adani Group companies were trading in green zone on Friday's trade following the news that US Global equity boutique, GQG Partners, acquired 21 crore shares worth ₹15,446 crore in four Adani Group of companies - Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd on Thursday via block deal.
Shares of Adani Enterprises closed nearly 17% higher followed by Adani Ports & Special Economic Zone, which closed nearly 10%. Adani Green Energy Ltd, Adani Total Gas Ltd, Adani Transmission Ltd, Adani Power Ltd, and Adani Wilmar Ltd each closed 5% higher on Friday's trade.
According to company's exchange filing, GQG Partners bought 38,701,168 shares of Adani Enterprises at ₹1,410.86 apiece for ₹5,460 crore; 88,600,000 shares of Adani Ports & Special Economic Zone at ₹596.20 apiece for ₹5,282 crore; 28,400,000 shares of Adani Transmission at ₹668.40 apiece for ₹1,898 crore; and 55,600,000 shares of Adani Green Energy at ₹504.60 apiece for ₹2,806 crore.
GQG is now a significant investor in the growth and development of critical Indian infrastructure as a result of the investment. For the deal, Jefferies India Private Ltd served as the Sole Broker.
"We are delighted to complete this landmark transaction with GQG. We value GQG’s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and Energy Transition. This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies," said Jugeshinder Singh, Group CFO of Adani Group in an exchange filing.
Since, Hindenburg Research accused seven listed Adani companies of improperly using offshore tax havens and stock manipulation on January 24, their market value has decreased by about $135 billion as of Thursday's close. The group, which is run by billionaire Gautam Adani, denied the charges.
The Supreme Court mandated on Thursday that an expert group look into any regulatory lapses involving the Adani Group, the second-largest conglomerate in the nation.
In a report published on January 24, American short-seller Hindenburg Research claimed that Adani companies had engaged in market manipulation and other fraudulent practises, which served as the reason for the investigation.
Since the release of the Hindenburg Research report on January 24, until March 3, the stock price of the Adani Group of companies have recovered this week after falling for consecutive weeks.
So far, Adani Enterprises has gained 43%, followed by Adani Ports & Special Economic Zone, which gained 22.5%. Adani Green Energy, Adani Wilmar, and Adani Power gained over 15%, while Adani Total Gas and Adani Transmission gained over 4%.
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