US boutique investment firm GQG Partners was among the top buyers in the stake sale by Adani Group in Ambuja Cements. The company picked up around 1.78 per cent in Ambuja Cements via separate bulk and block deals, stock exchange data showed.
Importantly, after fraud allegations by short seller Hindenburg Research in 2023 led to a crash in shares of Adani Group’s listed companies, it was GQG that had invested $1.87 billion in the group.
Other buyers who picked up Ambuja Cement shares through Friday’s block deal included SBI Life Insurance, Norges Bank, Morgan Stanley, National Pension System Trust, ICICI Prudential Life Insurance and several domestic mutual funds.
Adani Group’s Holderind Investment had offered to sell around 2.8 per cent stake in the cement major via block deals and according to stock exchange data, the value of the block deals was Rs 4,250 crore. The shares were sold at around Rs 625.50 a share.
On Friday, the shares hit a day’s high of Rs 659.70, up 4.2 per cent over its previous close. However, it ended the day at Rs 633.55, up just 0.10 per cent.
As of June 2024, promoters held a 70.33 per cent stake in Ambuja Cements with Holderind Investments having a 50.90 per cent stake.
The billionaire Gautam Ambani-owned edible oil-to-power conglomerate entered the cement business back in 2022 when it acquired ACC and Ambuja Cements from Switzerland-based Holcim. Ambuja Cements shares have risen 41 per cent over the past 12 months.