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The transition will trigger an open offer for an additional 26% stake in accordance with takeover laws, which mandate an incoming promoter or controlling entity to buy the additional shares from existing minority investors.
The company has increased its stake in flagship Adani Enterprises from 69.87 per cent to 71.93 per cent. It has also increased its stake in Adani Ports and Special Economic Zone Ltd from 63.06 per cent to 65.23 per cent.
The value of GQG's Adani holdings is close to $3.5 billion, the report said, citing an interview with Rajiv Jain, chief investment officer of the U.S. investment firm.
In March, GQG purchased stakes in four of Adani's companies from a family trust for approximately $2 billion.
GQG Partners to double down on ‘the best infra assets available in India’