GQG sells some Adani Power shares to Citadel Securities, SBI Fund

By Rajesh Mascarenhas

 

SBI Funds Management Ltd. and Citadel Securities LLC were among the buyers of Adani Power Ltd.’s shares sold by GQG Partners LLC in a $250 million deal on Indian bourses last week, according to people familiar with the matter.

 

GQG Partners sold about 35 million shares, or about a 1 per cent stake, with SBI Mutual buying most of the shares, the people said. The shares were sold in the ₹610-to-₹625 apiece range, one of the people involved in the transaction said, asking not to be named as the information was private. 

 

The price marked a discount to Friday’s closing price of ₹709.4 before adjusting for one-to-five stock split. Adani Power’s stock surged by the 20 per cent daily limit on Monday after corporate action took effect.  

 

Representatives for Adani Power, GQG Partners, SBI Mutual and Citadel Securities didn’t respond immediately to requests for comments.

 

GQG Partners Emerging Markets Equity Fund held 68.39 million shares, or a 1.77 per cent stake, in Adani Power at the end of June, according to the BSE Ltd. 

 

The combined market value of 10 companies controlled by the Adani Group has surged by nearly $19 billion over two sessions through Monday. About half of the gains came on Friday, after India’s market regulator dismissed some of the allegations made by Hindenburg Research against the conglomerate and its billionaire founder, Gautam Adani.