Adani group stocks shot up on Friday, after the promoters sold shares worth Rs 15,446 crore ($1.8 billion) in four of its listed entities. The buyer was GQG Partners, which is a U.S based global equity-investment boutique firm.
GQG partners bought shares worth Rs 5,460 crore in Adani enterprises, Rs 5,282 crore in Adani ports, Rs 2,806 crore in Adani Green and Rs 1,898 crore in Adani transmission.
The proceeds from the share sale will be used by promoters for reducing debt and other purposes.
Jugeshinder Singh, Group CFO of Adani Group, said: “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.”
Since January 24th, when the Hindenburg research was released, Adani group has been battling the repurcissions of the allegations made by the report. The report accused Adani group of stock price manupulation and accounting fraud, allegations which the Adani group has strongly denied.
Meanwhile, the Hindenburg-Adani row reached the top court. And on Thursday, the Supreme Court ordered capital markets regulator SEBI to conduct a thorough probe and complete the investigation within two months. The top court also appointed an expert committee to oversee the investigation and also to look into if there was any kind of regulatory failure or if mechanisms needs to be strengthened to protect investors.