GQG Partners, a US-based boutique investment firm known for successful investments in the Adani group, made a significant move by acquiring a 4.7% stake in GMR Airports Infrastructure, resulting in a 12% surge in the stock. The boutique firm purchased shares at Rs 59.1 each, totaling Rs 1,672 crore, as per BSE data. In response, GMR Group’s firm saw its shares closing at nearly Rs 69 apiece after the upward swing.
The divestment included ASN Investments selling a 7.3% stake, alongside other non-promoter entities like Varanium India, A/D Investors Fund, and Deccan Value Investors Fund. Overall, equity stakes equivalent to 11.8%, valued at Rs 4,136 crore, changed hands.
In addition to GQG, buyers included Nomura India Investment Fund Mother Fund (1% stake) and Stichting APG Emerging Markets (0.6% stake). However, the identities of buyers for the remaining 5.5% stake were undisclosed.
GQG has been actively increasing its investments in various Indian companies throughout the year, notably in Adani group stocks. Led by Rajiv Jain, GQG’s investments in Adani group companies have yielded substantial returns, appreciating over 75% to nearly $7.5 billion due to the recent rally in the group’s stocks.
Aside from its Adani group investments, GQG has acquired a 2.6% stake in IDFC First Bank for Rs 1,527 crore and nearly 6% in Patanjali Foods for Rs 2,400 crore.
Operating in a similar business domain as the Adani group, GMR Group manages key airport projects, both domestically and internationally. GMR Airports is actively developing significant greenfield airport projects in Bhogapuram, Andhra Pradesh, and Heraklion, Crete, Greece. The group oversees operations at airports in Delhi, Hyderabad, and Mopa (Goa’s second airport) in India, as well as international airports in Cebu (Philippines) and Medan (Indonesia).
GMR Group is currently expanding the Delhi and Hyderabad airports, with completion expected by March next year. The Mopa airport, inaugurated by Prime Minister Narendra Modi in December 2021, is undergoing capacity expansion to meet growing demand. Additionally, a strategic partnership with the National Investment and Infrastructure Fund (NIIF) was announced in December 2022, with NIIF investing in three of the group’s airport projects. The first step involved an investment of Rs 631 crore in GMR Goa International Airport Limited, the holding company for the Mopa airport.
