SBI Funds Management Ltd. and Citadel Securities LLC were among the buyers of Adani Power Ltd.’s shares sold by GQG Partners LLC in a $250 million deal on bourses last week, according to people familiar with the matter.
GQG Partners sold about 35 million shares, or about a 1% stake, with SBI Mutual buying most of the shares, the people said. The shares were sold in the Rs 610 to Rs 625 apiece range, one of the people involved in the transaction said, asking not to be named as the information was private.
The price marked a discount to Friday’s closing price of Rs 709.4 before adjusting for one-to-five stock split. Adani Power’s stock surged by the 20% daily limit on Monday after corporate action took effect.
Representatives for Adani Power, GQG Partners, SBI Mutual and Citadel Securities didn’t respond immediately to 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.
The combined market value of 10 companies controlled by the Adani Group has surged by nearly $19 billion over two sessions through Monday. About half of the gains came on Friday, after market regulator SEBI dismissed some of the allegations made by Hindenburg Research against the conglomerate and its billionaire founder Gautam Adani.
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