Adani group stocks have garnered portfolio investments amounting to more than ₹52,000 crore (more than $6 billion) in 2023 from global strategic investors, retirement, and insurance funds. This is nearly one-third of net foreign portfolio inflows (FPIs) into Indian equities this calendar year so far, reported Business Line.
Investors acquired stakes in group firms for an amount of ₹52,570 crore during the period March to October, reveals the data sourced from Prime Database.
Most of the transactions were carried out through the bulk and block deal windows of the exchanges.
Rajiv Jain-led GQG Partners, a boutique investment firm, is one of the largest investors in the group with investments worth over $4 billion.
Post-Hindenburg
Jain came to billionaire Gautam Adani’s rescue in the aftermath of Hindenburg Research’s explosive allegations of price manipulation and other corporate governance lapses in the group that wiped out over $130 billion in market capitalization.
Jain acquired small but significant stakes in key group firms from the promoter group. This not only allowed Adani to pay down share-backed loans but also infused confidence among global investors who were holding bonds issued by Adani group firms.
Since then, he has also acquired stakes in the companies through market purchases as well as block deals. There are other long term global investors in the group.
Abu Dhabi Investment Authority has acquired a stake in three companies Adani Energy Solutions, Adani Ports and Special Economic Zone, and Adani Power. Qatar Investment Authority acquired a 2.69 per cent stake in Adani Green Energy for $470 million in August. That is now worth about $785 million.
Long term retirement funds have also placed their confidence in the group. Australia’s superannuation funds such as Australian Super and CareSuper have invested in Adani Energy Solutions in March and June.
Employees Retirement System of Texas, Saudi Arabia’s General Organisation for Social Insurance, New York State Common Retirement Fund, Washington State Investment Board, BT Pension Scheme, and Delaware Public Employees Retirement System, among others, have invested in the group.
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Published: 20 Dec 2023, 02:52 PM IST