GQG set to raise Adani stake by $1b

• Follow

Investment firm GQG Partners is in talks for an additional investment of around $1 billion in Adani Group shares, having reaped bumper returns on the close to $2 billion it ploughed into the conglomerate’s stocks in March… The investment, if it goes through, will be part of the Adani Group’s effort to raise funds from stake sales in three companies – Adani Enterprises, Adani Green Energy and Adani Transmission. Further, Adani Green Energy is set to seek board approval to raise between $750 million-$1 billion through the qualified institutional placement (QIP) route. The capital raised by Adani Green Energy will be used to repay an outstanding $750 million, three-year bond issued in 2021 that’s due next year. Meanwhile, the most of the Adani Group stocks were losers on Wednesday after a strong show on Tuesday. Talking about recouping, Adani Ports, on Tuesday recouped its value lost after the Hindenburg report, but again slipped 2.2% on wednesday.

 BOC Aviation moves NCLT take back plane from Go First

BOC Aviation has moved the NCLT to secure an Airbus A320Neo aircraft that it has leased to Go First, the cash-strapped airline. BOC Aviation made the application after an appellate court on Monday upheld NCLT’s order admitting Go First’s insolvency petition. Meanwhile,Lessors of Go First aircraft are taking several steps, such as mounting legal challenges and lobbying with the finance ministry, to get possession of the aircraft. While some lessors such as BOC Aviation, Pembroke Leasing and Accipiter Investments Aircraft have moved the NCLT and Delhi High Court, other lessors, who are backed by some of the world’s largest firms, have approached the ministries of civil aviation and finance. Further, the suspended board of Go First has taken proactive measures by filing caveats in the Supreme Court against four aircraft leasing companies, which are seeking to deregister their aircraft from the airline’s fleet in order to repossess them. By filing caveats, the board is trying to ensure the airline gets a prior notice before legal action is initiated against it. Meanwhile, cash-strapped Go First, which abruptly stopped operations from May 3, has told the DGCA that it does not have a definite timeline yet for resuming flights.. Go First’s plea for voluntary insolvency resolution proceedings was filed on May 2 and it suspended its operations on May 3 and has announced to keep it suspended till May 26.

For more on corporate and market updates, watch Corporate Central