The Fort Lauderdale, Florida-based GQG continues to bet on billionaire Gautam Adani’s group, shrugging off market concerns.

The US boutique firm GQG partner has increased its pre-existing stake of 4.93% in Adani Ports and Special Economic Zone to 5.03% through a bulk deal on 17 August by purchasing 2,256,854 shares of Adani Port taking its total ownership to 108,725,961 shares in the company.

The firm now has a stake in five of the Adani Group firms.

The investment comes after Deloitte quit as the auditor of Adani Port, as the firm slowly grew back from the effects of a report by US short-seller Hindenburg Research.

The share of Adani port has gained 46.78% in the last 6 months after the stock fell 39.25% from the effects of the Hindenburg report.

On 16 August, GQG obtained an 8.09% stake in Adani Power through a block deal with an investment of $1.1 billion.

So far, GQG has invested Rs 38,700 crore in Adani Group firms, while QIA (Qatar Investment Authority) has invested Rs 4,100 crore in Adani Green Energy.

Adani Enterprise plans to raise Rs 12,500 crore through share sales to investors, whereas Adani Transmission intends to raise Rs 8,500 crore.

At 12:50 pm, the shares of Adani Port were trading at Rs 855.05 or 2.29% above its previous close on NSE.