Suspense Crime Sach Ka Dam
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US-based senior investor Rajeev Jain’s GQG Partners has raised its stake in Gautam Adani’s Adani Group to 10 per cent. He has also said that he will participate in future fund raising of the Adani Group. They are positioning the Adani Group as one of the best infrastructure assets available in India.
In the next five years, we would like to be one of the top investors in Adani Group in terms of valuation,” Jain said in an interview. We would love to be the definitive partner in any new offering from Adani Group,” said Jain, chief investment officer at GQG. Currently, GQG’s total investment in Adani Group stands at $3.5 billion. However, he did not specify in which group companies he has invested and whether it was bought outright or not. In March, GQG invested a total of $2 billion in Adani group companies. He bought shares in four group companies from a family trust. Shares of Adani companies, which had seen massive market cap erosion due to that initial investment, came as a relief. According to a report by US-based Hindenburg Research, Adani Group shares lost over $150 billion between late January and mid-February. The Florida-based Indian-origin investor says he is not concerned with the allegations of short sellers. The Adani group has also repeatedly denied Hindenburg’s allegations. Jain said earlier this year that in his 30-year investment career, he has yet to come across a company that is fully viable. Justifying his contrarian investment in the Adani group, Jain said the group’s coal mining and airport assets are in line with India’s development goals. At present, the boom in the stock market seems to be in favor of Jain. The report of the Supreme Court-constituted expert panel has given a clean chit to the Adani group in share-related irregularities and the shares of the group companies are hitting a two-session high. The Supreme Court last week found no evidence of irregularities in the group’s share prices. Shares of Adani Group jumped up to 19 per cent on Tuesday. Whereas on Tuesday it registered a further gain of 13 per cent. In this way, it had gained 46 per cent in three trading sessions. Shares of other listed enterprises of the group also rose the next day and were also closing in the upper circuit.
