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Abu Dhabi’s IHC to pare stake in 2 Adani group companies

29 Sept 2023 , 10:30 AM

International Holding Co, based in Abu Dhabi, announced on Thursday that it intends to sell its stake in two Adani Group companies, Adani Green Energy Ltd and Adani Energy Solutions Ltd.

The decision to sell the stake is part of the company's overall portfolio rebalancing strategy.

Green Energy Investment Holding RSC and Green Transmission Investment Holding RSC, subsidiaries of the corporation, have already entered into definitive agreements to sell their stake to a buyer.

Green Transmission Investment Holding had 1,56,82,600 shares in Adani Energy Solutions at the end of June, representing a 1.4% holding. Green Energy Investment Holding owned 2,00,18,198 shares in Adani Green Energy, representing a 1.3% position.

IHC has invested about $2 billion in three Adani Group companies by 2022: Adani Green Energy, Adani Energy Solutions, and Adani Enterprises.

Then, in January of this year, IHC put $400 million into Adani Enterprises' follow-on public offer (FPO), which was eventually canceled. Adani business CEO Gautam Adani called off the FPO which had been besieged by Dalal Street bears following an explosive investigation by Hindenburg Research against the business. At that time, IHC's fresh promise was a saving grace for the conglomerate.

The initial investment in 2022 was part of IHC's ambition to look for strategic renewable possibilities in India, the Middle East, and Africa.

For feedback and suggestions, write to us at editorial@iifl.com

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Related Tags

  • Adani Green
  • Adani Green IHC News
  • Adani Green News
  • Adani Green Updates
  • IHC News
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