GQG bet on this company running the airport after Adani, bought 5 percent stake
GQG Partners has bought about 5 percent shares in GMR Airports worth Rs 1,672 crore in an open market deal. GQG Partners is the same foreign investor firm which had bought a large stake in Adani Group companies after the Hindenburg report.
According to the information, 9,26,36,787 shares have been purchased by GAQG Partners Emerging Market Fund and 19,02,45,637 shares have been purchased by Goldman Sachs GQG Partners International Opportunity Fund in GMR Airports. In this way, GQG bought a total of 4.7 percent shares of GMR from the open market.
GMR shares rose
According to the report, this deal has been done at a discount of 4 percent at Rs 59.09 per share. After this deal, a record jump was recorded in the shares of GMR. In Friday’s trading session, GMR Airports closed at Rs 68.90 per share, up 11.67 per cent. GMR has given returns of 73 per cent since the beginning of this year and is up more than 190 per cent in the last three years.
GMR business
GMR is one of the largest airport companies in the country. The company operates Bidar Airport along with Delhi, Goa, Hyderabad in India. Apart from this, the company also has one airport each in Philippines and Indonesia. GMR had recorded a loss of Rs 190 crore in the September quarter of the current financial year. A year ago it was Rs 197 crore. At the same time, the company’s income during this period was Rs 1,607 crore.
Invested in Adani Group
In the fall of Adani Group due to Hindenburg report, the biggest purchase was made by GQG. During that time, the American investment firm had bought shares in many companies including Adani Enterprises, Adani Green and Adani Power.
