Displaying items by tag: GQG Partners

India: Ambuja Cements’ minority shareholder GQG Partners has increased its stake in the company from 1.4% to 2.4%. The value of the newly acquired shares was US$200m, the New Indian Express newspaper has reported. Other recent investors in the company, following a divestment of 2.8% of shares by its parent, Adani Group, include the Indian National Pension System Trust and SBI Life Insurance. They bought total shares worth US$62.6m and US$59.6m respectively. Following the deals, majority shareholder Adani Group now holds an 67% stake in Ambuja Cements.

India: Adani Group has entered talks with lenders for the sale of a 4 - 5% stake in Ambuja Cements. Adani holds a 63% stake in the producer, which it acquired from Switzerland-based Holcim in 2022. The Financial Times newspaper has reported that the move is intended to reduce debt and restore investor confidence in Adani Group.

The Hindu Business Line newspaper has named US-based asset management company GQG Partners as a probable buyer for the stake.

US-based short seller Hindenburg Research alleged fraud and stock market manipulation by Adani Group in a report published on 24 January 2023.