The Gujarat-based Adani Group, which had suffered losses on the stock exchanges after a damning report by American short-seller Hindenburg Research, announced on Thursday that it had sold minority stakes in four publicly traded companies to American equity investment boutique GQG Partners for a sum of ₹15,446 crores. Shares in Adani Enterprises, Adani Ports & Special Economic Zone, Adani Transmission Ltd., and Adani Green Energy Ltd. were sold by S.B. Adani Family Trust, an organization that falls under the category of a promoter. Moreover, it is said that the trust sold shares to Goldman Sachs.

As Hindenburg had accused the troubled conglomerate of accounting fraud and stock price manipulation, the deal in Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL), Adani Transmission Ltd. (ATL), and Adani Enterprises Ltd. (AEL) is the first significant equity investment in the company. After Hindenburg Research’s study, which accused the Adani group of engaging in share manipulation and accounting fraud, the market value of the Adani group equities has fallen by trillions.

As of January 31, 2023, GQG Partners, a worldwide equity investing boutique business, managed more than $92 billion in client assets. It is majority owned by its employees and is traded on the Australian Securities Exchange.

The company has offices in Ft. Lauderdale, Florida, as well as New York, London, Seattle, and Sydney. The stock exchanges had earlier in the day reported frequent block trades in these four counters. Shares of the conglomerate increased after hearing about the purchases, and all 10 of its listed companies ended Thursday’s trading day in the black for the second time in a row. Market analysts claimed that, barring any unfavorable news developments, the deal with GQG Partners is advantageous for the Adani group at least in the short term.

Adani stated in a statement that “We cherish GQG’s position as a key investor in our infrastructure and utility portfolio of sustainable energy, logistics, and Energy Transition” and added that shares had been sold through block agreements on the secondary market. In the release, Adani Group CFO Jugeshinder Singh said, “This transaction reflects the sustained trust of global investors in the governance, management practices, and the expansion of Adani’s portfolio of companies.

In AEL, where the proprietors had a shareholding of 72.6% before the sale, 3.8 crore shares, or 3.39% of the company, were sold for ₹ 5,460 crore. For  ₹ 5,282 crores, GQG also purchased 8.8 crore shares or 4.1% of APSEZ. By improving their financial liquidity position, the family is better able to reduce share-backed debt. Institutions exist that are prepared to invest in the organization at the appropriate price.