Adani Group see surge in share prices as GQG invests Rs 15,446 crore

Adani Group see surge in share prices as GQG invests Rs 15,446 crore

Mumbai - Adani Group's share prices saw an increase on Friday, after a US-based equity investment firm, GQG Partners, invested Rs. 15,446 crore in a portfolio of Adani companies.

"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's portfolio of companies," said Adani Group CFO Jugeshinder Singh.

The investment included the purchase of shares worth Rs. 5,460 crore in Adani Enterprises, Rs. 5,282 crore in Adani Ports & SEZ, Rs. 2,806 crore in Adani Green Energy, and Rs. 1,898 crore in Adani Transmission. The Group plans to use the proceeds from the sale to retire debt and for other purposes.

The investment by GQG Partners is seen as a positive development for the Adani Group, as it comes after a short-seller's report resulted in a significant loss in market value for seven of the Indian conglomerate's listed firms. The report raised concerns about the group's high debt, alleged improper use of offshore tax havens, and stock manipulation, which Adani denied.

The investment by GQG Partners is expected to ease concerns about the Adani Group's ability to attract funding. The conglomerate has also lined up more road shows in London, Dubai, and several US cities to shore up investor confidence. Adani has also secured a $3 billion loan from a sovereign wealth fund.

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