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Entities managed by GQG Partners sold 5,039,326 Adani Power shares in multiple on-market transactions, according to the company’s disclosure as reported by The Economic Times on October 9, 2026. Their combined reported holding moved from 5.74% to 5.72%—a reduction of 0.02 percentage points using the rounded percentages in the report. The filing’s phrase “aggregate change … in excess of 2%” describes its disclosure threshold; it does not mean the overall stake fell by more than 2%.

What did GQG-managed entities sell?

The Economic Times reported that Adani Power’s exchange disclosure covered 5,039,326 shares sold through multiple on-market transactions. The report attributed the disclosure to entities identified as the “Acquirer and PACs” (persons acting in concert) and said GQG Partners LLC was their investment manager and made the investment decision on their behalf.

The reported before-and-after figures are:

Measure Before transactions After transactions
Combined shares held 1,107,475,959 1,102,436,633
Reported combined stake 5.74% 5.72%

The difference between 5.74% and 5.72% is 0.02 percentage points. Those percentages are rounded in the report; the exact share counts show the number of shares sold.

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Why does the disclosure say “in excess of 2%”?

The reported filing says the on-market sales resulted in an “aggregate change of shareholding in excess of 2%” of the company’s total shareholding or voting rights. That wording refers to the filing’s stated disclosure threshold, not to the change in the entities’ combined ownership percentage shown in the reported before-and-after figures.

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The Economic Times reproduced the filing’s explanation that GQG Partners LLC was the investment manager and made the investment decision for the acquirer entities and persons acting in concert. The original exchange filing document was not independently reviewed for this article, so filing details here are attributed to the newspaper’s account.

What else did the reported disclosure say?

According to The Economic Times’ account of the disclosure, the entities reported no encumbered shares, no voting rights other than those attached to their equity shares, and no warrants or convertible securities entitling them to voting shares.

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Did GQG explain why it sold?

No reason for the sale is established in the reported disclosure. The transaction alone does not show whether GQG was taking profits, changing its view of Adani Power, or responding to another consideration; assigning a motive would be speculation.

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The newspaper reported that Adani Power shares settled at ₹189 on the BSE in the session it described on October 9, 2026. It also reported a 27.05% year-to-date gain in the stock while the Nifty 50 had fallen nearly 14% at publication. These are dated market snapshots, not explanations for the sale or current prices.

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How does the Bhutan hydropower announcement relate?

It is a separate company development, not a stated reason for GQG’s sale. The Economic Times reported that Adani Power announced a shareholders’ agreement on October 6, 2026, with Bhutan’s state-owned Druk Green Power Corporation Ltd. to develop the 770 MW Chamkharchhu-I Hydroelectric Project.

The announced plan describes a 49:51 equity partnership under a build-own-operate-transfer arrangement, with a 30-year concession from commercial operations. Construction was expected to begin in the first half of 2027, and commissioning was targeted six years after groundbreaking. These are forward-looking expectations, not evidence that construction or generation has begun.

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Is this the same as GQG’s 2023 Adani investment?

No. In a March 2, 2023 Adani Group release, the 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. Adani Power was not among the four companies listed for that transaction, so it should not be conflated with the 2026 Adani Power sale.

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The 2023 release identified Rajiv Jain as GQG Partners’ Chairman and CIO and quoted him describing the investment as an initiated position in Adani companies. It also quoted then-Adani Group CFO Jugeshinder (Robbie) Singh welcoming GQG’s role as a strategic investor. Those were statements in a company release, not independent assessments of the companies or the later sale.

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