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GQG bought a stake in Adani Power for $1.1 billion


Shares of Adani Power Ltd. rose after GQG Partners acquired 8.1% of the firm's outstanding shares for approximately $1.1 billion in a package deal.


The thermal power business, owned by billionaire chairman Gautam Adani, rose 3.1% to close 2.4% higher in Mumbai on Thursday after a US investor bought more than 310.9 million shares the day before.


The Power-to-Port conglomerate has turned to international support and funding to recover from the devastating attack by short sellers earlier this year. This is one of the largest mass transactions of the Adani family.


This transaction was concluded a few days after the auditor of Adani Ports and Special Economic Zone Ltd. resigned, heightening concerns about the quality of accounting at the Indian conglomerate.


“Selling more shares of Adani companies could help meet the group’s larger needs, assuming governance problems persist and weaken access to funding,” Bloomberg Intelligence analyst Sharon Chen wrote in a research note on Wednesday. The Adani family "could raise more than $15 billion while maintaining control of their key public companies," she said.

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Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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