In a massive transfer of equity from an overseas investor to a domestic fund house, US-based asset management firm GQG Partners pared its holdings in two key Adani Group companies through open-market block deals. The transactions, executed on the National Stock Exchange (NSE) on Friday, June 5, 2026, were valued at approximately ₹5,747.55 crore (frequently rounded to ₹5,750 crore).
India’s largest domestic asset manager, SBI Mutual Fund, emerged as the sole buyer, absorbing the entire block of shares.
Breakdown of the Dual-Stock Transactions
The seller in the transaction was the GQG Partners Emerging Markets Equity Fund, managed by star investor Rajiv Jain. The divestment was split across the conglomerate’s flagship incubator, Adani Enterprises, and its primary power transmission arm, Adani Energy Solutions.
The exact trade metrics released by the NSE block deal data include:
1. Adani Enterprises Limited (AEL)
- Volume: GQG offloaded 1.64 crore shares (representing roughly a 1.27% equity stake).
- Transaction Price: The shares changed hands at ₹2,913.40 apiece.
- Total Deal Value: ₹4,789.6 crore.
2. Adani Energy Solutions Limited (AESL)
- Volume: GQG offloaded 63.66 lakh shares (representing a 0.52% to 0.53% equity stake).
- Transaction Price: The shares were sold at ₹1,504.80 apiece.
- Total Deal Value: ₹957.95 crore.
Context: Tactical Profit-Taking vs. Strong Domestic Absorption
Market participants are largely viewing this massive transaction as a routine portfolio rebalancing exercise rather than a fundamental shift in GQG’s positive investment thesis on the conglomerate.
GQG Partners famously acted as the primary institutional backer for the Adani Group in early 2023, deploying billions of dollars into its stocks during the severe market rout triggered by the Hindenburg Research short-seller report. Since then, Adani Group stocks have mounted a spectacular recovery, with many entities completely regaining lost ground due to aggressive deleveraging, healthy corporate earnings growth, and strong execution metrics. Having accumulated vast multi-bagger profits on their initial capital, trimming allocations allows the Florida-based fund to realize gains.
More importantly, the block deal highlights the massive capacity of domestic institutional investors (DIIs) to absorb multi-crore equity blocks without creating unnecessary market volatility or downward price spirals on the open exchanges.
Block Deal Summary Table
| Transaction Date | Target Company | Volume of Shares | Disclosed Stake % | Price Per Share | Aggregate Value | Buyer |
| June 5, 2026 | Adani Enterprises | 1.64 Crore | 1.27% | ₹2,913.40 | ₹4,789.60 Cr | SBI Mutual Fund |
| June 5, 2026 | Adani Energy Solutions | 63.66 Lakh | 0.52% | ₹1,504.80 | ₹957.95 Cr | SBI Mutual Fund |
| Combined | — | — | — | — | ₹5,747.55 Cr | — |
SBI Mutual Fund Continues its Accumulation Spree
This does not mark the first time SBI Mutual Fund has stepped in to purchase Adani equity blocks directly from Rajiv Jain’s fund. Just a month prior, on May 14, 2026, SBI Mutual Fund executed an identical transaction, picking up a 0.45% stake (58.92 lakh shares) in Adani Enterprises from GQG for ₹1,435.16 crore at an average price of ₹2,435.60 per share.
Following the completion of the June 5 block deals, both targeted stocks showed resilient market strength. Shares of Adani Enterprises finished the session up 2.52% to settle at ₹3,047.85 on the NSE, while Adani Energy Solutions gained 3.92% to close at ₹1,579.45—both closing comfortably above the block deal execution benchmark.