The Adani Group promoter entities have sold 3.2 per cent stake in Adani Transmission in bulk deals on Friday and the shares were picked up by botique investment firm GQG Partners, sources said.

Data on the NSE showed that GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund were buyers of the stock.

Earlier this month, shareholders approved a Rs 8,500-crore fund-raising proposal through a qualified institutional placement. On Wednesday, Adani group promoter entities sold small stakes in Adani Enterprises and Adani Green Energy for Rs 5,244 crore. The buyers were Goldman Sachs, GQG Partners International Opportunities Fund and the Abu Dhabi-based investment firm International Holding Company.

Adani Enterprises and Adani Transmission are planning to raise up to Rs 21,000 crore through QIPs to fund the expansion plans of the group.

Rajiv Jain-led GQG has been investing in Adani Group companies over the last few months after allegations by short-seller Hindenburg Research dragged their share prices.

In March, it bought 38,701,168 Adani Enterprises shares at Rs. 1,411 a piece for Rs. 5,460 crore. Similarly, it acquired 88,600,000 shares of Adani Ports at Rs. 596 a piece for Rs. 5,282 crore; the value of this investment has surged close to Rs 7000 crore. The firm had also acquired 2.5% stake in Adani Transmission then.

Jain has been bullish about the Adani group companies right from the outset and has held that the companies in the group had predictable earnigns streams with visibility of 20-plus years.

Shares of Adani Transmission ended 6.3 per cent lower at Rs 767.25 on the NSE.

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