Abu Dhabi National Energy Company PJSC (TAQA) is evaluating an investment of up to $2.5 billion in Indian billionaire Gautam Adani’s power business, according to a report published by Economic Times. TAQA is the second-largest stock on Abu Dhabi Securities Exchange (ADX).
On Wednesday, US-based boutique investment firm GQG Partners also invested USD 1.1 billion in Adani Power to pick up an 8.1% stake in the company. GQG Partners bought 31 crore shares of Adani Power in the largest-ever secondary market equity deal.
Following corporate governance concerns made by US-based short seller Hindenburg, GQG Partners opted to buy in Adani equities, challenging market trends.
In July, GQG bought around a 3 percent stake in Adani Transmission through open market transactions worth ₹2,666 crore. The fresh purchase came two days after investment firm GQG Partners, along with the IHC Group and others, invested around $1 billion in Adani Group stocks.
GQG, controlled by Rajiv Jain, and other investors bought a total of $1 billion of additional stakes in the conglomerate’s stocks — Adani Enterprises, Adani Green Energy — through block deals.
GQG invested ₹15,446 crore earlier in March to acquire in four Adani Group companies: Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises.
In addition, two promoter entities have together raised shareholding in Adani Ports and Special Economic Zone Ltd by over 2 percent.
As per the information shared by the company with Indian stock market exchanges two promoter entities Resurgent Trade and Investment Ltd and Emerging Market Investment DDC have acquired fresh stake in Adani Ports via the open market.
Meanwhile, Goldman Sachs GQG Partners International Opportunities Fund on Wednesday bought a fresh stake in Adani Power Ltd.
Goldman Sachs GQG Partners International Opportunities Fund executed this single seller single buyer deal on 16th August 2023. The handshake worth ₹2,876 crore was executed through a bulk deal.