US-based investment firm GQG Partners and others have invested around $1 billion in Adani Group stocks, marking their third round of investment in the conglomerate within four months.
What Happened? The investments were made through block deals, with a significant number of shares changing hands in Adani Enterprises and Adani Green Energy.
During the trading day, Adani Enterprises saw a block deal of 18 million shares, representing 1.6% of outstanding equity, while 35.2 million shares of Adani Green Energy, equivalent to 2.2% of outstanding equity, were traded.
Led by Rajiv Jain, GQG had previously made a ₹15,500 crore investment in four Adani Group firms in March.
Jain, a veteran investor and an outspoken defender of Adani Group, had previously said that GQG would look to participate in the Gautam Adani-led conglomerate's future fundraisings and new offerings. He had added that the investment firm expects to be one of the largest investors in the Adani Group within five years, depending on the valuation.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Although Adani stocks have recovered to some extent after the Hindenburg report, which alleged severe financial misconduct on the conglomerate’s part, the recovery has been uneven and the total market value of the group’s stocks is still lower than they were before the report was published.
Price Action: After the block deal Adani Enterprises shares were up 4% at ₹2,387.50, while shares of Adani Green slipped 2.56% to ₹943.70 around noon on Wednesday.
See Also: Why Suzlon Shares Are Skyrocketing Today
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.