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

SAYAN CHAKRABORTY, Nikkei staff writer

March 3, 2023 00:45 JST

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.