E-Paper
GQG sells some Adani Power shares to SBI Mutual Fund, others amid stock split
Morgan Stanley has initiated coverage of the Adani Power stock with an “overweight” rating, pre-empting a stock split that takes effect today.
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.
The shares were sold at ₹610-625 apiece, a discount to Friday’s closing price of ₹709.4 apiece before adjusting for one-to-five stock split. Adani Power’s share price surged by the 20% daily limit on Monday after corporate action took effect.
Representatives for Adani Power, GQG Partners, SBI Mutual Fund and Citadel Securities didn’t respond immediately to Bloomberg's requests for comments.
GQG Partners Emerging Markets Equity Fund held 68.39 million shares, or a 1.77% stake, in Adani Power at the end of June, according to the BSE Ltd.
SEBI Order In Adani-Hindenburg Case
The market capitalisation of Adani Group companies has surged by nearly $19 billion (about ₹1.7 lakh crore) in just two trading sessions after Securities and Exchange Board of India (SEBI) cleared the billionaire Gautam Adani-led conglomerate of some allegations by the now defunct US-based shortseller Hindenburg Research.
At the same time, Morgan Stanley initiated coverage of the Adani Power stock with an “overweight” rating, pre-empting a stock split that takes effect today.
