Almost three months after its initial investments in the embattled Adani Group, GQG Partners has pumped in another $330 million - $530 million into those companies. GQG Partners, which is controlled by Rajiv Jain, was originally investing Rs 15 million in four Adani group companies in March.
Our overall shareholding in all companies is higher than March 3 - Rajiv Jain, Chairman, CIO and Portfolio Manager GQG Partners, Bloomberg News reported. In over a dozen separate accounts, the total investment is close to $2.2 - 2.4 billion. We own these shares in multiple accounts, he said.
Although Jain didn't disclose whether GQG bought the company, Mr. Jain said he did not make the purchase from the open market.
Is it true Indian soldiers are training in Israel-origin Krav Maga to counter Chinese troops at LAC?
On March 2, the Adani Group said that GQG Partners invested Rs 15,446 crore $1.87 billion then in flagship Adani Enterprises Rs 5,460 crore Adani Ports SEZ Rs 5,282 crore and Adani Green Energy Rs 2,806 crore, Jain further said that through constant recovery in Adani Group stocks post the Hindenburg blow, the value of GQG's investment has already reached close to $3.5 billion.
In five years, we would like to be one of the largest investors in Adani Group, depending on the valuation after the family, he said.
The value of GQG's Adani holdings has risen by 58 per cent in the past few months to Rs 24,414. In less than 100 days, Adani Enterprises and Adani Green share prices recovered, resulting in a $2.95 billion drop in share prices.
Chennai Super Kings, led by Dhoni-led Chennai Super Kings, won IPL 2023 by defeating Gujarat Titans in thrilling IPL final via DLS method.
Since the closing of March 2, the four Adani Group companies have rallied anywhere between 20 percent and 75 percent.
The decision to invest in the Adani Group came at a time when most investors were jittery following the report of the Hindenburg Research in late January. The US short seller, who is based in the US, accused the Adani Group of bribery and stock manipulation. Although Adani Group has denied all allegations, it has paid substantial sums of money. The investigation into the case is still pending, with the Sebi report on the issue still to come out.
The Adani Group is trying to win back investors' trust. Earlier this month, the boards of Adani Enterprises and Adani Transmission have adopted resolutions to raise up to Rs. 12,500 and Rs. 8500, respectively, via qualified institutional placements QIPs.
The Delhi Sakshi murder case: Why was the 16-year-old girl stabbed to death by her boyfriend?
The decision to raise funds through QIP is yet another measure by the business house headed by Gautam Adani to send a strong signal to the markets - that the Hindenburg issue or the ongoing developments at the Supreme Court will not hinder its business plans. The last few months have seen the company's bondholders repay their bondholders and release share pledges worth a total of $3 billion.
The numbers for the quarter of FY 2023 have been impressive, with most of them outpacing Street Estimates. Moreover, if shareholding details of the Adani firms are anything to go by, it seems that investors have also shown confidence in the group, with the percentage of retail investors in all nine listed firms having increased between December 2022 and March 2023.
Revenue is expected to grow by 30 per cent; here's earnings forecasts.