GQG Partners, a Lauderdale-based asset management firm, has further cut its stake in Adani Energy Solutions Ltd. to 3.46% as of August 31, down from 4.14% at the end of June. This reduction involved the sale of 19.97 million shares, representing 1.63% of the company, and was executed through multiple on-market trades, with the transactions taking place between July 1, 2023, and August 31, 2026. This marks at least the second consecutive quarter GQG has trimmed its holdings in an Adani group firm, following earlier reductions in Adani Power, Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Green Energy.
Separately, GQG Partners executed a block deal on Friday, selling 6.37 million shares of Adani Energy Solutions at a price of $18.06 (Rs 1,504.8) per share, totaling approximately $115 million (Rs 958 crore). These shares were acquired by SBI Mutual Fund. This transaction was part of a larger block deal where GQG also sold shares in Adani Enterprises, with both sales together valued at about $689 million (Rs 5,747 crore). These sales are viewed by market participants as a portfolio rebalancing exercise, especially after Adani Group stocks have seen a significant recovery of 25-56% since March 31, 2023, following allegations made by Hindenburg Research.
GQG Partners has been a closely watched investor in the Adani Group, being the first major global investor to buy into the group after the Hindenburg Research allegations in January 2023, which wiped $150 billion off Adani group market capitalization. GQG's initial investments in 2023 across four Adani companies totaled $1.85 billion (Rs 15,446 crore). The recent sale in Adani Energy Solutions brought GQG's holding below the 5% threshold that requires separate shareholding disclosures, which is why the transaction became public. GQG's stake in Adani Energy was held through Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund and GQG Partners Emerging Markets Equity Fund.
