The Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, may have bought a stake in Adani Green Energy, a renewable company owned by India’s Adani Group, in a $500 million block deal on Monday, ET Now, an Indian financial news channel, has reported.

Adani Green Energy’s shares fell nearly 12.4% to hit a low of 886.2 Indian rupees ($10.71) on the Bombay Stock Exchange before the deal.

The report said that 2.7% equity changed hands in a block deal.

The shareholding data available with the exchange revealed that the promoter and promoter group holds a 56.27% stake in the firm, while the rest is with the public as of June 30, 2023.

Earlier this month, Adani Energy Solutions CEO Anil Sardana told Business Line, an Indian financial daily, that the company is talking to different investors for its proposed qualified institutional placement. The company has earlier received investments from QIA, and Abu Dhabi’s IHC, among others.

In 2020, QIA completed the acquisition of a 25.10% stake in Adani Electricity Mumbai Limited for $452 million.

(Editing by Seban Scaria seban.scaria@lseg.com)