Adani Power share price rallies over 3% as GQG Partners picks 8.1% stake

Adani Power share price rallied over 3% in early trade on Thursday after US-based investment firm GQG Partners picked up 8.1% stake in the company for $1.1 billion. 

Adani Power shares gained as much as 3.20% to ₹288.25 apiece on the BSE.

GQG Partners bought 31 crore shares of Adani Power in the largest ever secondary market equity deal.

The promoter Adani Group sold the stake for over ₹9,000 crore in the energy-generation company.

After amassing stakes worth at least ₹26,445 crore in multiple Adani group firms through secondary market transactions since March, India-born Rajiv Jain-led investment management firm GQG Partners Llp bought an additional stake worth over $1.1 billion from the promoters of Adani Power.

On Wednesday, five blocks of shares totalling approximately $1 billion were traded as the ports-to-power company stepped up its efforts to recover from a short-seller attack, according to Bloomberg.

Additionally, two promoter entities, Resurgent Trade and Investment Ltd and Emerging Market Investment DDC, together raised shareholding in Adani Ports and Special Economic Zone Ltd by over 2%.