Qatar buys 2.7% Adani stake

On Monday, INQ Holding LLC, an arm of Qatar’s sovereign wealth fund, made a notable acquisition, purchasing a 2.7% stake in Adani Green Energy Ltd. for Rs 3,920 crore. The transaction was carried out through a bulk deal, with INQ Holding, a wholly owned subsidiary of Qatar Investment Authority, procuring 4.26 crore shares of the Adani Group company at a price of Rs 920 each, as confirmed by data from the Bombay Stock Exchange (BSE).

Simultaneously, Infinite Trade and Investment Ltd., a promoter entity associated with Adani Green Energy, divested 4.48 crore shares, equivalent to 2.8% of the company’s stake, at a price of Rs 920.43 per share, amounting to Rs 4.131 crore. As a result of this transaction, Infinite Trade and Investment’s ownership stake in Adani Green Energy decreased from 3.37% to 0.54%. At the conclusion of the June quarter, the overall promoter and promoter group holding in the company stood at 56.27%.

This investment represents yet another entry into the green energy segment of the conglomerate led by billionaire Gautam Adani. This follows closely after GQG Partners and other investors acquired stakes in Adani Green Energy and its group counterpart, Adani Enterprises Ltd., slightly over a month ago. GQG increased its stake in Adani Green from 3.50% to 6.32%, valuing the investment at $1.17 billion (Rs 9,600 crore) during that period.

Adani Green Energy reported a notable 51% surge in profit for the quarter ending in June. The company’s net profit for the first quarter reached Rs 323 crore, contrasting with Rs 214 crore in the corresponding period of the previous fiscal year. On Monday, shares of Adani Green Energy experienced a decline of 4.61%, closing at Rs 965.9 per share, while the benchmark Nifty 50 index registered a modest gain of 0.41%.

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