US-based investment firm GQG Partners has increased its stake in seven Adani Group companies during the three-month period ended December, while that by Life Insurance Corporation of India (LIC) remained mostly stable.
GQG Partners hiked its stake in Adani Ports and Special Economic Zone (APSEZ) to 3.76% as of December end from 3.53% as of September 30. Similarly, its stake in the flagship firm Adani Enterprises (AEL) was hiked to 2.95% in the third quarter, from 2.74% recorded in the sequential second quarter, according to stock exchange data.
It also hiked stake in Adani Energy Solutions (AESL), the group’s power distribution company, to 2.51% (from 2.49%), while that in its renewable energy arm Adani Green Energy (AGEL) to 3.68% (3.55%) and Adani Power (APL) to 4.17% (4.03%).
As of December, GQG Partners investment in Adani Group companies stood at Rs 38,585 crore, compared to Rs 27,499 crore in September, recording a 40% gain.
Separately, LIC’s stake in three firms – Adani Total Gas (ATGL), AGEL and Ambuja Cements – remained steady, while that in ACC rose by 0.27% in the December quarter from the sequential quarter ended September. However, the life insurer’s stake in AESL fell by 0.68% and that in AEL dipped by 0.30%, stock exchange data showed.
LIC holds the highest of 7.86% in APSEZ, followed by a 6.41% stake in ACC and a 6.29% stake in Ambuja Cements. It holds the lowest of 1.36% stake in AGEL. LIC is the largest institutional investor, with total assets under management worth Rs 47.43 trillion as of September 2023.
Separately, the number of retail shareholders in Adani group companies rose by 3.4% to 6.7 million as of December-end, from 6.4 million as of September 30, 2023. On a year-on-year basis, the number of retail shareholders rose 41.9% from 4.7 million as of December 2022, stock exchange showed.
These were across the 10 listed companies of the Adani Group, with AGTL recording the maximum rise in number of retail shareholders at 32.6% on a QoQ basis, followed by AESL at 13.3% rise. On a YoY basis also, the companies had recorded the maximum rise, with AGTL posting a 391.5% rise in number of retail shareholders, while that of AESL was at 215.7%.
APL (1.9%) recorded a fall in the number of retail shareholders on a YoY basis, while AEL (0.9%), APL (2.9%), Ambuja Cement (5.7%) and ACC (1.9%) recorded a fall on a QoQ basis.