GQG raises Adani stake by about 10% – Bloomberg News

(Reuters) – GQG Partners has raised its stake in Gautam Adani’s conglomerate by about 10% and will take part in the group’s future fund raising, Bloomberg News reported on Tuesday.

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.

“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Jain told Bloomberg.

Jain did not specify which companies GQG had bought into in its latest investment. GQG and Adani Enterprises did not immediately respond to a Reuters request for comment.

GQG Partners in March invested $1.87 billion across Adani Enterprise and other units via secondary market deals, after a report from U.S.-based short seller Hindenburg Research eroded nearly $147 billion from Adani companies’ market value.

Shares of Adani companies gained on Tuesday after a panel from India’s Supreme Court said on Friday it was not “possible to conclude regulatory failure on allegation of price manipulation.”