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Investment management major Capital Group has placed an over $2 billion bet on three Adani Group stocks including Adani Power Ltd, and Adani Green Energy Ltd after parring its holdings in Reliance Industries Ltd.

The preferred bits of Capital Group are  Adani Power Ltd, Adani Green Energy Ltd and Adani Ports & Special Economic Zone Ltd (Adani Ports), signalling a shift in foreign investor preference among the two Indian conglomerates.

The Los Angeles-headquartered investment management firm, which is known to manage $3 trillion in assets, purchased $2 billion across the aforementioned Adani Group stocks in recent weeks, a Bloomberg report quoting people familiar with the matter said.

As per the BSE data, Capital Group International All Countries Equity Trust purchased 2,46,28,712 Adani Ports shares at Rs 1,632.45 per share and Capital Income Builder bought another 37,80,969 shares at same price on May 4.

Meanwhile, The Capital Group accumulated 1.5-2 per cent stakes in Adani Power Ltd and Adani Green Energy Ltd via market purchases, Bloomberg sources indicated.

The share price of Adani Power surged as high as 1.43% to hit an intra-day high of Rs 222.47 apiece. At 12:44, the shares of Adani Green Energy Ltd stood 2.03 % higher at Rs 1,369.50 apiece, while the Adani Ports stood at 0.04% higher at Rs 1,794.00 apiece.

The Bloomberg report stated that Capital Group’s exposure to Reliance has declined over the past few years, with the fund manager holding 14.2 crore RIL shares at the end of March, as compared to nearly 50 crore six years ago and a peak of 75.50 crore RIL shares in March 2017.

The Adani bets come amid a few positive developments. The group recently reached a settlement with the US Treasury Department's Office of Foreign Assets Control (OFAC) in an alleged sanctions violation related to Iran-linked LPG transactions, offering to pay a total of $275 million, without admitting the allegations made by OFAC.