Adani Transmission sells 3% stake for Rs 2,666.47 cr; GQG largest buyer

The promoters of Adani Transmission (ATL) sold 3.04% stake in the company for about Rs 2,666.47 crore through multiple block deals on Friday on NSE, with US firm GQG Partners being the largest buyer.

Fortitude Trade and Investment, a promoter group company, sold 33.9 million shares at an average price of Rs 786.17. This was at a discount of 4% to Wednesday’s close of Rs 819.15.

A total of 21.3 million shares (1.91% stake) were acquired by Rajiv Jain’s GQG Partners through GQG Partners Emerging Markets Equity Fund, and Goldman Sachs GQG Partners International Opportunities Fund for Rs 1,675.80 crore. Details of the other buyers were not immediately available.

ATL’s share price closed 6.26% down at `767.85 on a strong NSE, which ended up 1.14% on Friday.

This is the second time in a week GQG Partners has reposed its faith in Adani Group. On Wednesday, the investment firm and other investors bought shares worth Rs 8,372 crore in two Adani Group firms – Adani Enterprises and Adani Green Energy — through block deals, mainly from Adani group family firms.

In March, GQG acquired stakes worth Rs. 15,446 crore in four Adani companies, and in May it purchased further shares worth $400-500 million. In May, AEL and ATL approved raising up to Rs. 21,000 crore.