Two Adani group promoter entities sold over 31 crore shares or over 8 per cent equity of Adani Power on Wednesday in two large block deals on the BSE, exchange data showed. The sellers were Mauritius-based Worldwide Emerging Market Holding, which held a 5 per cent stake in the company as of June-end, and Afro Asia Trade and Investments Ltd that held a 6.88 per cent stake .

The total value of the transactions was ₹8,710 crore. The data also showed that GQG Partners and an affiliate fund bought 15.2 crore shares or nearly 4 per cent of its equity for ₹4,243 crore at ₹279.15 each. Sources said that GQG Partners, which is making its first investment in the company, has picked up the entire 8 per cent stake.

Worldwide Emerging Market sold its stake at ₹279.16 apiece, while Afro Asia sold stake at ₹279.18 a share.

Shares of Adani Power ended 2.3 per cent lower at ₹279.30 on the BSE.

The promoter entities of the Adani Group, led by Gautam Adani, have been selling stakes in group companies either to release pledged shares or pay down short-term maturing debt.

Last Thursday, pledge of 91 lakh shares of Adani Power was released with the approval of the lender, Union Bank of India.

Last month, promoter entities sold chunks of stakes in Adani Enterprises, Adani Transmission, and Adani Green Energy to raise over ₹11,000 crore. In March, they sold stakes in the companies to raise ₹15,000 crore from GQG partners, which has been investing steadily in group firms since then.

Earlier this month, Adani Green Energy promoter Infinite Trade and Investment sold a 2.8 per cent stake for over ₹4,100 crore.

Interestingly, a disclosure made by Adani Ports and Special Economic Zone on Wednesday revealed that two promoter entities had also increased their stake in the company by around 2 per cent to over 63 per cent from June 2 to August 11.

Adani Ports has been in the news for the resignation of its auditor Deloitte, which wanted a larger mandate to audit other group companies.