GQG raises Adani stake by about 10% - Bloomberg News (updated)

GQG Partners

23/05/2023 10:09

(Adds details from report)
       May 23 (Reuters) - GQG Partners has raised its stake in
Gautam Adani's conglomerate by about 10% and will take part in
the group's future fund raising, Bloomberg News reported on
Tuesday.
    The value of GQG's Adani holdings is close to $3.5 billion,
the report said, citing an interview with Rajiv Jain, chief
investment officer of the U.S. investment firm.
    "Within five years, we would like to be one of the largest
investors in Adani Group depending on the valuation, after the
family," Jain told Bloomberg.
    Jain did not specify which companies GQG had bought into in
its latest investment. GQG and Adani Enterprises did not
immediately respond to a Reuters request for comment.
    GQG Partners in March invested $1.87 billion across Adani
Enterprise and other units via secondary market deals, after a
report from U.S.-based short seller Hindenburg Research eroded
nearly $147 billion from Adani companies' market value.
    Shares of Adani companies gained on Tuesday after a panel
from India's Supreme Court said on Friday it was not "possible
to conclude regulatory failure on allegation of price
manipulation."

 (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Arun
Koyyur and Saumyadeb Chakrabarty)
 ((rishabh.jaiswal@thomsonreuters.com;))