Mumbai: The Adani family on Wednesday sold shares worth over Rs 8,700 crore ($1.1 billion) in Adani Power through secondary transactions. About half of the stocks were purchased by US-based GQG Partners, which has invested about Rs 35,000 crore ($4.2 billion) in various Adani companies since early March.
Adani Power is the fifth company of the conglomerate where GQG has invested amid the fallout of Hindenburg’s allegations against the group. GQG, which was co-founded in June 2016 by India-born Rajiv Jain, is on the Australian stock exchange and manages assets worth $92 billion. Apart from Adani Power, it holds shares of Adani Enterprises, Adani Green, Adani Transmission and Adani Ports.
