India, Sept. 22 -- GQG Partners LLC has sold some of its stake in Adani Power Ltd. after a share price surge triggered by SEBI's reprieve to Adani Group, and even as Morgan Stanley initiated a coverage of the stock amid a stock split.

SBI Funds Management Pvt. Ltd. and Citadel Securities LLC were among the buyers in the $250 million deal on Indian bourses last week, people familiar with the matter told Bloomberg. GQG Partners sold about 35 million shares, or about a 1% stake, with SBI Mutual Fund buying most of the shares.

The shares were sold at Rs.610-625 apiece, a discount to Friday's closing price of Rs.709.4 apiece before adjusting for one-to-five stock split. Adani Power's share price surged by the 20% daily limit on Monday after ...