Adani Power shares gained three percent in intraday trade on August 17, snapping a two-day losing streak, a day after the US-based boutique investment firm GQG Partners bought an 8.1 percent stake in the company from the promoter Adani family.
The promoter Adani Group sold 31 crore equity shares of Adani Power to GQG Partners, translating to an 8.1 percent stake in the company.
The shares offloaded by the promoter were worth more than Rs 9,000 crore ($1.1 billion) and the transaction was conducted through multiple block deals on August 16. The shares were sold at an average price of Rs 279.17 per piece.
The equity shares were bought from two Adani Group entities - Afro Asia Trade and Investments and Worldwide Emerging Market Holding.
As per the Adani Group-led power company’s shareholding pattern for the June quarter, promoters held a total of 74.97 percent stake.
In July 2023, GQG Partners had increased its shareholding in two more Adani Group firms - the conglomerate’s flagship company Adani Enterprises and the renewable energy major Adani Green Energy.
The investment firm ramped up its shareholding in these companies to over five percent.
Adani Power shares have dipped four percent so far this year, while the stock has increased significantly by 676.11 percent over the past three years.
Shares of Adani Power ended two percent higher in the trade on Thursday.
