The big story of the day is the big block deal across Adani Group companies. GQG Partners Emerging Markets Equity Fund offloaded shares in Adani Enterprises and Adani Energy Solutions’ equity shares via block deals. These shares were bought entirely by SBI Mutual Fund.
On June 05, GQG Partners sold 1.64 crore shares, 1.26% of Adani Enterprises’ total market capitalisation, at an average price of Rs 2,913.40, totalling the stake sale at Rs 4,789.62 crore.
Another block deal was of Adani Energy Solutions, where GQG Partners sold 63.65 lakh shares at an average price of Rs 1,504.80. SBI Mutual Funds bought these shares for the same price. Taking the total deal price at Rs 957.93 crore.
About GQG Partners
GQG Partners is a global investment firm that is a prominent shareholder in the Adani Group. The firm is led by Chief Investment Officer Rajiv Jain. GQG famously took a contrarian stance by purchasing massive stakes in various Adani companies when their stock prices plunged in early 2023 after US-based short seller Hindenburg Research struck the Adani Group.
GQG initially invested Rs 15,446 crore across four Adani companies. These companies are Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Transmission (now Adani Energy Solutions).
Adani Enterprises’ share price performance
The share price of Adani Enterprises has risen 3.5% in the last five trading days. The stock has given a return of 21.4% in the last one month and 37.3% in the past six months. Adani Enterprises’ stock price advanced more than 21% over the previous 12 months.
Adani Energy Solutions’ share price performance
The share price of Adani Energy Solutions has risen over 4% in the last five sessions. The stock has increased by 16.6% in the past one month and a whopping 64% in the last six months. Adani Energy Solutions’ stock price surged 75% in the previous one year.
