SBI Mutual Fund bought stake

SBI Mutual Fund on Friday bought stake in Adani Enterprises and Adani Energy Solutions from US-based GQG Partners for ₹5,747 crore through an open market transaction.

According to block deal data on the National Stock Exchange (NSE), SBI Mutual Fund bought 1,64,39,984 shares representing about 1.3 per cent stake in Adani Enterprises, the flagship unit of Adani Group.

Additionally, SBI MF also acquired 63,65,796 shares, equivalent to 0.52 per cent stake in Adani Energy Solutions.

Each share was purchased in the price range of ₹1,504.80-2,913.40, bringing the combined transaction value to ₹5,747.55 crore.

Meanwhile, Rajeev Jain-backed GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, sold an equal number of shares in the two Adani group companies.

The stake comes after SBI Mutual Fund last month acquired 0.45 per cent stake in Adani’s flagship company Adani Enterprises for ₹1,435 crore.

Shares of Adani Enterprises closed 2.36 per cent higher at ₹3,043 per share on the NSE, while Adani Energy Solutions gained 3.87 per cent to close at ₹1,578.80 on the exchange.