GQG Partners’ investment in Adani Green Energy saw the Australian asset manager return more than 100% in just 15 trading days. GQG Partners earned over Rs 2,900 crore, or 104%, during the period.

At 2:07 pm, AGEL was locked in the 5% cap on heavy volume to close at Rs 1,031.55. The average over-the-counter trading volume jumped more than threefold, with 1.34 crore shares changing hands on the NSE and BSE. There are about 3 lakh shares of pending buy orders on both exchanges.

On March 2, GQG Partners bought 5.56 crore AGEL shares worth Rs 2,806 crore at Rs 504.60 each through a bulk trade on the National Stock Exchange (NSE). Based on current prices, the investment is now worth Rs 5,735 crore, a premium of 104% or Rs 2,930 crore over the acquisition price.

Meanwhile, the stock has rallied 135% from its 52-week low of Rs 439.35 hit on February 28, 2023. However, AGEL’s offer is still 66% below its all-time high of Rs 3,048 on April 19, 2022.

Together with AGEL, GQG Partners has invested a cumulative Rs 15,446 crore ($1.87 billion) in Adani Port and Special Economic Zone (APSEZ), Adani Transmission (ATL) and Adani Enterprises (AEL).

Based on current prices, the total investment value of the four companies is Rs 21,986 crore, which is 42% or Rs 6,539 crore higher than the acquisition price. GQG Partners’ investment in ATL soared 70%, followed by AEL (31%) and APSEZ (10.8%).

GQG is investing in Adani Portfolio, which owns and operates India’s largest airport and port platform and is India’s largest private sector transmission and distribution platform, which will generate about 9% of India’s renewable energy capacity by 2030.

AGEL is a renewable energy platform within the Adani portfolio. The company has one of the world’s largest renewable energy portfolios, having locked in 20.4 gigawatts (GW) of growth, under construction (UC) and assets to meet the needs of investment-grade counterparts and acquired.

In addition, the company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. AGEL is focused on decarbonising electricity generation and is helping India achieve its sustainable development goals.