The Adani family sold shares worth Rs 15,446 crore ($1.9 billion) in four group companies to US-based firm GQG Partners.
The Adani Group is trying to recover from a selloff triggered by the Hindenburg report.
The shares were sold through a series of secondary transactions on the NSE and the BSE.
The stocks were sold at a substantial discount to their closing prices.
The deal marks the first investment in Adani Group companies by GQG.
GQG managed assets worth $92 billion as of January 31.
GQG held shares of ITC and HDFC Bank, among other Indian companies.
Money raised from the stake-sale will be used to shore up liquidity and to repay loans backed by pledged shares.
The family seeks to improve the credit profile of the conglomerate.
As of September 30, 2022, the group’s consolidated gross debt stood at Rs 2.3 lakh crore.
The transactions with GQG helped Adani Group companies settle higher on the BSE.
The combined market capitalization of Adani Group companies is now nearly Rs 8 lakh crore.
GQG Chairman & Chief Investment Officer Jain believes the long-term growth prospects for Adani Group companies are substantial
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