GQG raises GMR Airports stake above 5%

28 Aug 2024 , 11:43 AM

GQG Partners, the US-based boutique investment firm best known on Dalal Street as an Adani bull, upped its position in GMR Airports Infra from 4.74% to 5.17% last week.

“Now, on August 23, 2024, the Acquirer and PACs (persons acting in concert) acquired further shares of the Company, resulting in their shareholding crossing 5% of the share capital of the Company,” according to a regulatory filing made by GMR.

GQG held a 7.66% ownership in GMR at the end of 2023, but corporate actions in July this year decreased the shareholding to less than 5% of the company’s paid-up capital.

GMR shares, which have outperformed with a 58% gain in the last year, were trading slightly higher at Rs 95.6 on the BSE.

At the conclusion of the June quarter, GQG Partners, run by NRI investor Rajiv Jain, increased its holding in three Adani companies – Adani Energy, Adani Enterprises, and Adani Ports – as well as its largest India bet, ITC. In contrast, institutional investors were seen reducing their interests in IDFC First Bank and Patanjali Foods in the first quarter of FY24.

While GQG’s largest investment is Adani stocks as a conglomerate, its single largest bet is ITC, whose shares recently crossed the Rs 500 mark after the Budget did not include any increases in cigarette taxes.

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