Adani Enterprises, Adani Transmission, Adani Green stocks in focus as Rajiv Jain's GQG may buy $1 billion worth shares

Shares of three Adani group companies namely Adani Enterprises, Adani Transmission and Adani Green Energy will be focus on Wednesday morning amid reports Rajiv Jain-led GQG Partners, which made a killing by investing in four Adani group companies in March, is looking to further invest $1 billion in three of the companies.

To recall, GQG Partners had bought stakes worth Rs 15,446.35 crore in Adani Enterprises, Adani Ports, Adani Green Energy and Adani Transmission on March 2. Business Today had on May 23 reported that the value of the investment swelled to Rs 25,515.50 in Tuesday's intraday trade, up 65 per cent or up Rs 10,069 crore.

Rajiv Jain's GQG Partners makes Rs 10,000 cr on Adani stocks! Investment value now hits Rs 25,000 cr-mark

With recent Adani investments, Rajiv Jain, who is the chairman and chief investment office at GQG, became of the latest entrants in Forbes Billionaires 2023 list with a net worth of $2 billion. Jain owns 69 per cent stake in the Fort Lauderdale-based firm. The company was co-founded by Jain and the firm’s CEO Tim Carver in 2016. As per the company's website, the firm manages $88 billion in assets under management.

If the fresh investments go through, it will be part of the Adani group's effort to raise funds from stake sale. To recall, GQG Partners' previous investment in Adani stocks came on a day the Supreme Court asked the market regulator Sebi to conduct an investigation to ascertain if the conglomerate violated market norms.

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But a Supreme Court-appointed panel on Friday said it found no regulatory failure around price manipulation in the conglomerate's stocks and violation of minimum public shareholding rules. This eased investor concerns and lifted the group's market capitalisation by $22 billion in three sessions.

Meanwhile, on Tuesday, Adani Green Energy said it postponed its planned board meeting on fundraising scheduled for Wednesday due to non-availability of directors. This was the second time Adani Green Energy postponed the meet (March 13 earlier). There were however, a media report suggesting that Adani Green Energy was in talks with global fund managers to raise Rs 5,000-6,000 crore, as India’s largest renewables company revives its capex plans four months after the Hindenburg setback, the report added.

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