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GQG Partners-managed entities sold 5,039,326 Adani Power shares in multiple on-market transactions, according to Adani Power’s disclosure as reported by The Economic Times on October 9, 2026. Their combined reported holding fell from 5.74% to 5.72%—a reduction of 0.02 percentage points using the filing’s rounded percentages. The disclosure’s phrase “aggregate change of shareholding in excess of 2%” describes its reporting-threshold language; it does not mean the combined stake was cut by more than 2%.
How many shares did the entities sell?
The Economic Times reported that Adani Power’s exchange disclosure covered 5,039,326 equity shares sold through multiple on-market transactions. It named GQG Partners LLC as investment manager of the acquirer entities and persons acting in concert (PACs), and said GQG made the investment decision on their behalf.
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| Measure | Before the transactions | After the transactions |
|---|---|---|
| Combined shares held | 1,107,475,959 | 1,102,436,633 |
| Reported combined holding | 5.74% | 5.72% |
| Change in reported holding | 0.02 percentage points lower, calculated from the rounded percentages | |
The share counts and percentages are the figures in the Adani Power disclosure as reported by The Economic Times. The 0.02-point change is calculated from the reported 5.74% and 5.72%; those percentages are rounded.
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The wording in the report says the transactions resulted in an “aggregate change of shareholding in excess of 2%” of the company’s total shareholding or voting rights. That is the disclosure’s stated threshold language. It should not be read as saying GQG-managed entities sold more than 2% of Adani Power, or that their combined reported ownership dropped by 2 percentage points. The before-and-after figures show a 0.02-percentage-point decline.
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The directly available account quotes the filing, but does not reproduce the original exchange document for independent inspection. The figures and other filing details here are therefore attributed to the disclosure as reported by The Economic Times.
What else did the reported disclosure say?
The Economic Times account says the disclosure reported no encumbered shares, no voting rights other than those attached to equity shares, and no warrants or convertible securities that entitled the entities to voting shares. These are details attributed to the reported filing.
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Why did GQG sell?
The reported disclosure establishes that the transactions took place, but does not state GQG’s reason. The sale alone does not establish profit-taking, a change in investment conviction, or any other motive.
What was happening around Adani Power at the time?
Bhutan hydropower project announcement
The Economic Times reported that Adani Power announced a shareholders’ agreement on October 6, 2026, with Druk Green Power Corporation Ltd., Bhutan’s state-owned power generation utility. The announced plan is a 49:51 equity partnership to develop the 770 MW Chamkharchhu-I Hydroelectric Project under a build-own-operate-transfer arrangement, with a 30-year concession from commercial operations.
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Construction was expected to begin in the first half of 2027, with commissioning targeted six years after groundbreaking. These are announced expectations, not evidence that construction or generation has begun.
Market figures in the October 9 report
The same October 9, 2026 article said Adani Power shares settled at ₹189 on the BSE in the session it described. It also reported a 27.05% year-to-date gain for the stock and a fall of nearly 14% for the Nifty 50 at that time. These are dated market snapshots, not current prices or evidence of why the entities sold.
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How this differs from GQG’s 2023 Adani investment
In a March 2, 2023 release, Adani Group said GQG completed ₹15,446 crore (US$1.87 billion) in secondary block trades across Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises. That release did not list Adani Power in that particular transaction, so it should not be conflated with the 2026 Adani Power sale.
The 2023 release identified Rajiv Jain as GQG Partners’ chairman and CIO and quoted him describing the long-term growth prospects of the companies as substantial. It also quoted then-Adani Group CFO Jugeshinder (Robbie) Singh calling the deal a landmark transaction and expressing confidence in the Adani portfolio. Those were statements attributed to company executives in an Adani Group release, not independent assessments.
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