Abu Dhabi IHC invests $400 mn in Adani Enterprises FPO
1 min read . Updated: 30 Jan 2023, 05:48 PM IST
PremiumIHC, which invested almost $2 billion in Adani’s companies last year, is making the investment in Adani Enterprises through its subsidiary
Abu Dhabi's International Holding Company (IHC) on Monday announced that will invest $400 million in Adani Enterprises' ₹20,000-crore follow-on public offer (FPO) via its subsidiary Green Transmission Investment Holding RSC Limited.
"Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," said Syed Basar Shueb, Chief Executive Officer, IHC.
This is IHC's first investment of the year as the company continues to diversify its portfolio.
IHC, which invested almost $2 billion in Adani’s companies last year, is making the investment in Adani Enterprises through its subsidiary Green Transmission Investment Holding RSC Ltd.
This comes at a time when the Adani Group stocks have witnessed a loss of over ₹1.53 lakh crore in market cap after a scathing report on the group by US short seller Hindenburg Research.
Till now, the FPO has been subscribed just 2 per cent, i.e., it has managed to garner bids for 781,000 shares against its offer size of 45.5 million shares.
Billionaire Gautam Adani-backed Adani Enterprises said it would raise ₹20,000 crore in follow-on public offering of new shares. The offer, which is priced at ₹3,112 to ₹3,276, will conclude on Tuesday, January 31, 2023.
The chief financial officer (CFO) of Adani Group, Jugeshinder “Robbie" Singh, put up a confident front on Sunday evening, stating that the follow on public offer (FPO) of flagship Adani Enterprises will continue as scheduled.
Group CFO Jugeshinder Singh said no change in offering price or schedule is being considered due to temporary volatility.
