GQG sells some Adani Power shares to SBI Mutual Fund, others amid stock split

GQG Partners LLC has sold some of its stake in Adani Power Ltd. after a share price surge triggered by SEBI’s reprieve to Adani Group, and even as Morgan Stanley initiated a coverage of the stock amid a stock split.

SBI Funds Management Pvt. Ltd. and Citadel Securities LLC were among the buyers in the $250 million deal on Indian bourses last week, people familiar with the matter told Bloomberg. GQG Partners sold about 35 million shares, or about a 1% stake, with SBI Mutual Fund buying most of the shares.