The promoters of Adani Transmission (ATL) sold 3.04% stake in the company for about Rs 2,666.47 crore through multiple block deals on Friday on NSE, with US firm GQG Partners being the largest buyer.
Fortitude Trade and Investment, a promoter group company, sold 33.9 million shares at an average price of Rs 786.17. This was at a discount of 4% to Wednesday’s close of Rs 819.15.
ATL’s share price closed 6.26% down at `767.85 on a strong NSE, which ended up 1.14% on Friday.
This is the second time in a week GQG Partners has reposed its faith in Adani Group. On Wednesday, the investment firm and other investors bought shares worth Rs 8,372 crore in two Adani Group firms – Adani Enterprises and Adani Green Energy — through block deals, mainly from Adani group family firms.
In March,GQGacquired stakes worth Rs. 15,446 crore in fourAdanicompanies, and in May it purchased further shares worth $400-500 million. In May, AEL and ATL approved raising up to Rs. 21,000 crore.