Adani stocks in news on report promoters may cut stakes in group firms

Shares of Adani group companies including Adani Enterprises Ltd, Adani Ports & SEZ, Adani Wilmar Ltd, Adani Green Energy Ltd and Adani Transmission Ltd would be in focus on Thursday morning after a media report citing sources said the promoters of the Gautam Adani-led group may continue to cut holdings in group companies in the coming months to make room for a liquidity buffer that can be deployed to tap new opportunities and infuse equity in various units.

The Adani group has recently sold stakes in Adani firms to Rajiv Jain's GQG Partners and if one goes by the Economic Times fresh report, the promoters are in discussions with other global investors to potentially divest more. Talks with a West Asia-based fund are expected to finalise by September, the ET report suggested.

The Adani Group reportedly sold around 3 per cent stake in Adani Transmission through open market transactions to raise about Rs 2,666 crore recently. As per market participants, US-headquartered investment firm GQG Partners purchased the entire lot. Fortitude Trade and Investment, a promoter of Adani Transmission, sold 33.9 million shares, or a 3.04 per cent stake at an average price of Rs 786.19 apiece for Rs 2,666.47 crore, as per NSE bulk deals data.

The purchase came days after GQG Partners, along with the IHC Group and others, invested around $1 billion in Adani Group stocks. GQG, controlled by Rajiv Jain, and other investors bought a total of $1 billion of additional stakes in the conglomerate's stocks -- Adani Enterprises, Adani Green Energy -- through block deals, media reports suggested.

Earlier in March, GQG had made a Rs 15,446 crore investment to pick stakes in four Adani Group firms - Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises. This was when the company's shares had taken a massive beating following a report by a US-based short seller that accused the group of illegal stock price manipulation.

GQG founder Jain in May said GQG had raised its stake in the Gautam Adani-controlled conglomerate by about 10 per cent and may take part in any future fundraising by the conglomerate. In May, two Adani firms, Adani Enterprises and Adani Transmission, together announced raising up to Rs 21,000 crore together.

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