Just nine months after his firm GQG Partners bought shares in beleaguered Adani Group, India-American investor Rajiv Jain has scored windfall gains to the tune of over ₹17000 crore.
Since Jain invested in the Adani Group in March, the conglomerate’s market value has risen by billions of dollars.
Jain was the first major investor who had backed Adani after a report by an American conglomerate wiped out substantial market value on the stock market. When the Hindenburg report struck the Adani Group, its market value was 150 billion dollars. It had lost nearly 2/3rd of its value.
Jain’s investment had boosted investor sentiment which led to the revival of the conglomerate.
According to BQ Prime‘s calculations, Jain has invested ₹20360 crore as of now. Due to a rally of Adani shares, the company’s value of portfolio has ballooned to ₹37,459 crore on December 5, an increase of 84 percent. This translates into a profit of over ₹17000 crore.
Jain’s investment — it came near the trough of the Adani stock meltdown — has been boosted by a rally in this week after the conglomerate’s green energy unit secured a $1.4 billion loan and a Bloomberg News report said US government found shortseller Hindenburg Research’s allegations irrelevant while advancing a $553 loan for Adani Ports and Special Economic Zone Ltd.’s Sri Lanka project, reported Bloomberg.
The sentiments of Adani’s investors have been boosted by the Supreme Court’s remark that media reports against the group weren’t “gospel truth”.
The company also secured a refinancing loan worth 3.5 billion dollars.
Who is Rajiv Jain?
He is the founder of the company. He is the chairman and the chief investment officer of the company based in the United State’s Fort Lauderdale. He founded the company in 2016 and listed it on the Australian Stock Exchange in October 2021.
He was born in India. He moved to the US in the 1990s to pursue MBA in Miami.
