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Adani Group

Adani gains support as U.S.-based GQG takes $1.87bn stake

Family trust sells shares in Indian group to investors in wake of short-seller attack

Adani Group had earlier called off a $2.5 billion fully subscribed secondary share sale.   © Reuters

BENGALURU -- The Adani family on Thursday sold shares worth $1.87 billion in four group companies to U.S.-based asset manager GQG Partners as the embattled Indian conglomerate seeks to raise funds after a short-seller attack in January wiped out more than $130 billion in market value.

Apart from GQG, the Employees Retirement System of Texas and the New York State Common Retirement Fund also bought shares from S.B. Adani Family Trust, stock exchange filings show.

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