SYDNEY: GQG Partners Inc founder Rajiv Jain will meet with clients and investors in Australia this week, the company said in a statement on Tuesday, explaining its investment in Indian group Adani.
GQG Partners has bought shares in four Adani group companies for $1.87 billion, marking the first major investment in the Indian conglomerate after a critical report by the short seller sent shares tumbling.
A January report by US-based Hindenburg Research accused Adani of stock manipulation and misuse of tax havens and concerns over debt levels.
Adani has denied the allegations and denied any wrongdoing.
The stake purchase has prompted inquiries from GQG’s Australian pension fund client as major investors, including Norway’s sovereign wealth fund, sell shares.
Jain is meeting in person with some of GQG’s clients and holding conference calls with others, the sources, who spoke on condition of anonymity to discuss private information, told Reuters.
“Rajiv Jain will travel to Australia this week to meet with investors. The trip was planned before the Adani acquisition,” Reuters said in a statement.
“It’s also an opportunity to answer any business-related questions, including Adani’s investment.”
It will be Jain’s first visit to Australia after the company’s ASX listing in 2021, it said.
GQG acquired 3.4% of Adani Enterprises Ltd for about $662 million, 4.1% of Adani Ports and Special Economic Zone Ltd for $640 million, 2.5% of Adani Transmission Ltd for $230 million and Adani bought 3.5% of Green Energy Ltd for $340 million.
It bought the shares from Adani Family Trust, according to a statement from the Indian firm.
GQG Partners has bought shares in four Adani group companies for $1.87 billion, marking the first major investment in the Indian conglomerate after a critical report by the short seller sent shares tumbling.
A January report by US-based Hindenburg Research accused Adani of stock manipulation and misuse of tax havens and concerns over debt levels.
Adani has denied the allegations and denied any wrongdoing.
The stake purchase has prompted inquiries from GQG’s Australian pension fund client as major investors, including Norway’s sovereign wealth fund, sell shares.
Jain is meeting in person with some of GQG’s clients and holding conference calls with others, the sources, who spoke on condition of anonymity to discuss private information, told Reuters.
“Rajiv Jain will travel to Australia this week to meet with investors. The trip was planned before the Adani acquisition,” Reuters said in a statement.
“It’s also an opportunity to answer any business-related questions, including Adani’s investment.”
It will be Jain’s first visit to Australia after the company’s ASX listing in 2021, it said.
GQG acquired 3.4% of Adani Enterprises Ltd for about $662 million, 4.1% of Adani Ports and Special Economic Zone Ltd for $640 million, 2.5% of Adani Transmission Ltd for $230 million and Adani bought 3.5% of Green Energy Ltd for $340 million.
It bought the shares from Adani Family Trust, according to a statement from the Indian firm.
