Global investment manager GQG Partners LLC has significantly reduced its stake in Adani Energy Solutions , selling nearly 20 million equity shares through multiple on-market transactions.

The disposal, which brought the aggregate holding of the acquirer and persons acting in concert (PACs) below the 5% threshold, was disclosed on September 1, 2026, under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

Prior to the recent sales, the group held 62,236,145 shares, representing 5.09% of the company’s total voting capital. The subsequent offloading of 19,967,446 shares — equivalent to a 1.63% stake reduction — left the entity with 42,295,699 shares, or 3.46% of the total equity.

The transactions occurred between June 30, 2023, and August 31, 2026. The disclosure notes that this filing reflects the cumulative change exceeding the 2% threshold since the last disclosure made on July 3, 2023.

Portfolio Breakdown

The reduction was distributed across various funds managed by GQG Partners and its PACs. The largest single reduction came from Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund, which trimmed its holding from 30,827,113 shares (2.52%) to 20,909,726 shares (1.71%).

Other significant reductions included:

• GQG Partners Emerging Markets Equity Fund: dropped from 1.09% to 0.74%
• GQG Partners International Equity CIT: fell from 0.29% to 0.20%
• GQG Partners Emerging Markets Equity Fund A Series: decreased from 0.22% to 0.15%

No encumbrances, pledges, or convertible securities were involved in these transactions. The total diluted share capital of Adani Energy Solutions remains unchanged at 122,295,447 equity shares.

Adani Energy Solutions has been ranked the highest ESG-scored utility company globally by S&P Global. The firm achieved an ESG score of 90 out of 100, significantly outperforming the industry average of 41.

The rating improvement followed the completion of S&P Global's latest Media and Stakeholder Analysis (MSA) review. The assessment corrected a previously impacted governance-related component, lifting the company's score from 81 to 90. This enhancement also drove a year-on-year increase of 17 points in the disclosure-based Corporate Sustainability Assessment (CSA) score, which now stands at 90.

ESG Performance Breakdown

AESL's performance reflects strong outcomes across all three ESG dimensions. The Environmental score reached 93, while Social scored 89 and Governance & Economic scored 84. Key drivers cited for this performance include Product Stewardship, Climate Strategy, and Human Capital Management.

Kandarp Patel, CEO of AESL, stated that sustainability is integrated into everyday decision-making processes at the company. He described the recognition as validation of the organization's commitment to sustainable growth and improved disclosure practices.

Business Overview

AESL operates as India's largest private transmission and distribution company. Its cumulative transmission network spans 29,739 ckm with a transformation capacity of 1,43,425 MVA. In its retail electricity distribution business, the company serves approximately 13 million consumers in metropolitan Mumbai and the Mundra SEZ industrial hub.

The company is also expanding its smart metering business, aiming to become India's leading smart metering integrator. AESL offers integrated solutions through parallel licenses and tailored retail options, including a significant share of green power.