Adani Power Ltd. shares rose after GQG Partners bought 8.1% of the firm’s total outstanding stock for about $1.1 billion through block deals, according to people familiar with the matter.
The thermal power generation owned by billionaire Chairman Gautam Adani advanced as much as 3.1% on Thursday in Mumbai trading after the US investor bought more than 310.9 million shares the day before. The stake was purchased from Adani family entities Worldwide Emerging Market Holding Ltd. and Afro Asia Trade and Investments Ltd., according to stock exchange data.
The embattled power-to-port conglomerate has sought international backing and funding in a bid to recover from a damaging short seller attack earlier this year. This is one of the largest bulk deals by the Adani family, two of the people said, asking not to be identified as the information is private.
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