GQG's stake in Adani group doubles in 5 months; owns Rs 25,746 crore worth of Adani shares

Rajiv Jain led GQG partners have doubled their stake in Adani group in just five months. The group's combined holdings in fives Adani companies including Adani Enterprises Ltd, Adani Ports, Adani Green Energy Ltd, Adani Transmission Ltd and Ambuja Cements are now worth close to Rs 26,000 crore (Rs 25,746 crore).

As per the Wednesday's trading prices, GQG now owns 3.23% of the total market capitalisation of the five Adani group entities. Earlier in May, Rajiv Jain in an interview to Bloomberg had said that within 5 years GQG plans to become the largest investor in Adani group depending on the valuation after the family.

Also Read: GQG's Rajiv Jain raises stake in Adani group by 10%

GQG made a whopping investment of Rs 15,446 crore in the Adani group in March, a day after Supreme Court directed SEBI to to conduct an investigation to ascertain if the conglomerate violated market norms, in the wake of Hindenburg Research scathing report.

In May, GQG bought Adani stock worth $500 million in May and added $1 billion worth Adani shares in June. The GQG in July had said that its holding in Adani Transmission has jumped to 6.54%. That 6.54% alone was worth Rs 5,887.32 crore

The Hindenburg report had alleged that the Adani group had involved in "brazen stock manipulation and accounting fraud for decades". The Adani group denied such reports as "a combination of a targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015."