Rajiv Jain, chairman and chief investment officer at GQG Partners, has reportedly increased the equity fund’s stake in Adani Group by around 10%, impressed by the strength of the Indian conglomerate’s infrastructure assets.
What Happened? GQG’s holdings in Adani Group companies have gone up to nearly $3.5 billion (₹28,984.9 crore) from the initial $2 billion (₹16,563.9 crore) the asset management firm had invested in March, Jain said in an interview with Bloomberg.
Jain, a veteran investor, also told the business publication that GQG would look to participate in the Gautam Adani-led conglomerate’s future fundraisings and new offerings. He added that the firm expects to be one of the largest investors in the Adani Group within five years depending on the valuation.
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Jain did not, however, elaborate on which particular Adani stocks the investment firm had raised its stakes in.
Meanwhile, the Gautam Adani-led group has been keen on paying off its debts and raising additional capital. Adani Enterprises is set to raise ₹12,500 crore while Adani Transmission plans to raise ₹8,500 crore through a qualified institutional placement.
It has also been reported that the group is looking to monetise some of its "non-core" real estate assets to fund newer projects.
The share prices of Adani Group companies have recently seen a reversal in fortunes after being battered by serious allegations of fraud and stock manipulation that Hindenburg Research levelled against the billionaire in January.
Price Action: Shares of flagship Adani Enterprises were up 15.52% at ₹2,687.00 in afternoon trade, while Adani Ports jumped 2.51% to ₹748 and Adani Green shot up 5% to ₹988.80.
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