The Adani Group has witnessed significant stake increases by both promoter group entities and GQG Partners during the September quarter, with a combined investment of over ₹19,000 crore, according to recent shareholding data. The group has attracted attention after promoters infused around ₹12,780 crore, while GQG Partners contributed approximately ₹6,625 crore into key companies within the conglomerate.

Promoter Activity

Adani Group promoters focused on increasing their stakes in four major listed entities: Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Power Ltd. At the same time, they reduced their holdings in Ambuja Cements, a move valued at ₹4,288 crore. The total value of holdings acquired by the promoters stands at ₹12,778 crore.

One of the largest moves was seen in Adani Green Energy Ltd, where promoter holdings rose by 3.42 percentage points—from 57.52% to 60.94%. Notably, Hibiscus Trade and Investment purchased 20.1 million shares, equating to 1.27% equity, between July 30 and September 18, while Ardour Investment Holding acquired 26.7 million shares, or 1.69% equity, between September 19 and 23. These acquisitions, based on an average stock price of ₹1,903 during the quarter, are estimated to be worth around ₹10,310 crore.

In Adani Power, promoter holdings rose by 2.25 percentage points, reaching 74.96%. The estimated value of these purchases is ₹5,703 crore. Additionally, promoters invested around ₹427 crore in Adani Energy Solutions and ₹626 crore in Adani Enterprises Ltd, based on average quarterly prices. On the other hand, they reduced their stake in Ambuja Cements Ltd by 2.76 percentage points, from 70.33% to 67.57%, with sales valued at ₹4,288 crore.

GQG Partners Activity

Rajiv Jain-backed GQG Partners has also been notably active in the September quarter, investing ₹6,625 crore into four of Adani's key firms. GQG's major investments were directed toward Adani Green Energy, where the company participated in a Qualified Institutional Placement (QIP), investing ₹3,390 crore. Other significant purchases included ₹1,784 crore in Adani Energy Solutions Ltd, ₹1,077 crore in Ambuja Cement Ltd, and ₹432 crore in Adani Enterprises Ltd.

As a result of these investments, GQG Partners now holds a 4.7% stake in Adani Energy Solutions, up from 3.4% in the previous quarter. Similarly, its stake in Adani Green Energy has increased to 5.28%, up from 4.16%. GQG's holdings in Ambuja Cement rose to 2.05% from 1.35%, while its stake in Adani Enterprises rose slightly to 3.52% from 3.4%.

On the flip side, GQG marginally reduced its holdings in Adani Ports & SEZ Ltd and Adani Power Ltd, by ₹22 crore and ₹35 crore, respectively.

The recent investments and stake changes highlight the ongoing confidence of both the promoter group and major institutional investors like GQG Partners in the future of Adani Group companies, despite the broader market volatility. The infusion of funds is expected to bolster the financial standing and operational capabilities of these firms, with particular focus on the renewable energy, infrastructure, and utilities sectors.

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