Billionaire Gautam Adani’s entity sold around 2.76% stake in Ambuja Cements on Friday through an open market transaction, raising Rs 4,251 crore. According to NSE bulk deal data, Holderind Investments, an Adani Group entity, sold 6.8 crore shares at ‘625.5 per share.
Rajiv Jain’s investment fund, GQG Partners, purchased shares worth Rs 1,679 crore. GQG Partners Emerging Markets Equity Fund, which held a 1.35% stake as of June 30, 2024, increased its to 2.04% with this purchase. During the January-March 2024 quarter, GQG Partners raised its investments in six Adani Group companies by approximately Rs 8,300 crore.
Other buyers of Ambuja Cements shares on Friday included SBI Life Insurance and the National Pension System (NPS) Trust, which bought shares worth Rs 500 crore and Rs 450 crore, respectively.
As of June 30, 2024, the Adani Group held a 70.33% stake in Ambuja Cements, with Holderind Investments holding 50.90% of the stake.
Ambuja Cements’ shares closed 0.51% higher at Rs 635 on Friday.
ET reported on Friday that the Adani Group’s promoters plan to sell shares in its listed firms to raise around Rs 30,000 crore ($3.6 billion) over the next nine months. This move is part of their strategy to rebalance their portfolio of listed companies, currently valued at approximately $126 billion.
