Adani Power's promoters sell 31.1 cr shares, GQG buys 15.2 cr shares at Rs 279.15 apiece

Adani Power Ltd's promoters sold 31.1 crore shares in the firm on Wednesday at an average price of Rs 279.17 per share, which amounts to Rs 8,700 crore, showed BSE data.

Rajiv Jain-led GQG's funds bought 15.2 crore shares at an average price of Rs 279.15 per share in a series of secondary block transactions.

While GQG Partners Emerging Markets Equity Fund bought 4.9 crore Adani Power shares at Rs 279.15 per share, Goldman Sachs GQG Partners International Opportunities Fund bought 10.3 crore shares at Rs 279.15 per share.

Mauritius-based Afro Asia Trade and Investments Ltd sold 26.5 crore shares for RS 279.18 per share and Mauritius-based Worldwide Emerging Market Holding Ltd sold 4.6 crore shares at Rs 279.16 per share.

On Wednesday, Adani Power's scrip on BSE closed 1% lower at Rs 283.05.

"The GQG investment in Adani Power is a landmark deal, that showcases another vertical in the emerging energy transition space in which Adani portfolio companies are playing a leading role. This transaction also highlights the vote of confidence of global investor in India’s new age and re-energised power sector that is being propelled by energy transition plan of Indian government," said GQG in a note.

The investment comes days after Deloitte quit as auditor for Adani Ports, renewing investor concerns even as the group slowly recovers from a report by US short-seller Hindenburg Research, released in January.

The report, which alleged improper use of tax havens and concerns over the conglomerate's debt levels - something it denies - wiped out nearly $147 billion from the market cap of the group's listed entities.

Though shares of the group companies have rebounded, they are still down around $100 billion in value.

Adani Ports had said that Deloitte's reason for quitting as its auditor was "not convincing or sufficient to warrant such a move.

Meanwhile, market regulator Sebi has sought 15 more days to complete a probe into the Adani Group's dealings with certain offshore entities.

The Hindenburg report had sparked a confidence crisis and raised concerns about high debt levels at Adani Group. But investors such as Australia-listed investment firm GQG Partners plowed funds into the conglomerate as it repaid debt.

Fort Lauderdale, Florida-based GQG, manages $108 billion in assets. On Wednesday, GQG Partners Emerging Markets Equity Fund also bought 1 crore shares of JSW Energy at Rs 341.7 per share.