GQG Partners bought 8.1% of the total outstanding shares in billionaire Gautam Adani-controlled Adani Power Ltd. for about $1.1 billion through block deals on Wednesday, according to people familiar with the matter.

The US investor bought more than 310.9 million shares of Adani’s thermal power generation arm as the embattled power-to-port conglomerate seeks international backing in a bid to recover from a scathing shortselling attack earlier this year.

This is one of the largest bulk deals by the Adani family for raising funds, two of the people said, asking not to be identified as the information is private.

The shares were purchased from Adani family entities — Worldwide Emerging Market Holding Ltd. and Afro Asia Trade and Investments Ltd., according to stock exchange data.

This deal comes days after the auditor of Adani Ports and Special Economic Zone Ltd. resigned fueling concerns about accounting quality at the Indian conglomerate targeted by shortseller Hindenburg Research.

The latest deal would serve as a vote of confidence for tycoon Adani, who has been attempting a comeback from the crisis triggered by Hindenburg’s report in January that leveled fraud allegations against Adani Group.

The block deal also comes after the Qatar Investment Authority bought a roughly 2.7% stake in the listed green energy business earlier this month. Adani Group has started making a comeback in fundraising in recent months following an improvement in its debt metrics. The latest efforts to get investors indicate the conglomerate is further restoring investor confidence after the shortseller accused it of widespread corporate malfeasance.

The report by the US shortseller alleged that Adani Group engaged in years-long corporate fraud and stock price manipulation, charges that the company has repeatedly denied. It nevertheless fueled a major stock and bond sell off from which the conglomerate has only partly recovered from.

“Sale of more shares in Adani companies could help meet the group’s large funding needs and fund growth, assuming governance concerns persist and lead to weakened funding access,” Sharon Chen, a Bloomberg Intelligence analyst, wrote in a research note earlier on Wednesday. Adani’s family “could raise more than $15 billion while maintaining control of its key listed entities, based on share prices as of Aug. 14,” she said.

--With assistance from Debjit Chakraborty, Devidutta Tripathy, Ashutosh Joshi and Chiranjivi Chakraborty.

(Updates throughout with details of buyer)