MUMBAI: GQG Companions, the biggest non-promoting shareholder within the Adani Group, picked up one other 1.8% in Ambuja Cements on Friday for almost Rs 2,750 crore via block offers. With this purchase, the US-based funding agency‘s present publicity to one of many greatest cement makers in India went as much as 3.1% from 1.3% earlier. This additionally added to GQG Companions’ mixture worth of its publicity to the Adani group, unfold over six firms, to about Rs 62,000 crore or $7.4 billion.
GQG Companions had come beneath the highlight in Feb-March of 2023, weeks after US-based short-seller Hindenburg Analysis had come out with a harmful report on the Adani Group, alleging critical and widespread company malfeasance.Though the group had denied all allegations, in about 5 weeks after, its market cap had crashed by about 65%. It was round that point that GQG Companions – based by billionaire investor Rajiv Jain – had stepped in as a white knight and invested Rs 15,400 crore (about $1.9 billion at the moment) to purchase minority stakes in 4 of the ten group firms.
GQG Companions had come beneath the highlight in Feb-March of 2023, weeks after US-based short-seller Hindenburg Analysis had come out with a harmful report on the Adani Group, alleging critical and widespread company malfeasance.Though the group had denied all allegations, in about 5 weeks after, its market cap had crashed by about 65%. It was round that point that GQG Companions – based by billionaire investor Rajiv Jain – had stepped in as a white knight and invested Rs 15,400 crore (about $1.9 billion at the moment) to purchase minority stakes in 4 of the ten group firms.
Over the subsequent few months, he made extra investments within the group’s firms and in June 2023, he invested a further Rs 11,000 crore to purchase stakes in Adani Enterprises, Adani Vitality Options and Adani Inexperienced Vitality. He adopted it up with one other spherical of investments, price about Rs 8,700 crore, in Aug 2023 in Adani Energy.
By the flip of the yr, as all of the Adani group shares had made good recoveries, GQG’s investments additionally grew manifold. Jain’s present stake purchase in Ambuja Cements is the fourth spherical of fund infusion within the group by GQG Companions in lower than two years.
