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 610 rupees-to-625 rupees apiece range, one of the people involved in the transaction said.
The price marked a discount to Friday’s closing price of 709.4 rupees 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.
Read: Adani’s Regulatory Risks Not Over as Other India Probes Continue
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 India’s market regulator dismissed some of the allegations made by Hindenburg Research against the conglomerate and its billionaire founder, Gautam Adani.
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