Three Adani Group stocks rally as IHC Capital to invest Rs 15,400 cr in groups green portfolio

8 Apr 2022 , 12:15 PM

International Holding Company PJSC (IHC), the Abu Dhabi based conglomerate, will invest $2 billion (approximately Rs 15,400 crore) as primary capital in Adani Green Energy, Adani Transmission and Adani Enterprises. Shares will be allotted on a preferential basis, the group said in an exchange filing.

Shares of Adani Green surged 7.48% to Rs 2,326.4, Adani Enterprises was up 2.67% at Rs 2,154.70 while Adani Transmission traded 3.52% higher at Rs 2,544.70.

IHC will invest Rs 3,850 crore in Adani Green Energy for a 1.26% stake in the company at an issue price of Rs 1,923.25 per share. The Abu Dhabi based conglomerate will invest Rs 3,850 crore in Adani Transmission for a 1.41% stakle at an issue price of Rs 2454.95 per share. Further, IHC will purchase a 3.53% stake in Adani Enterprises for Rs 7,700 crore at an issue price of Rs 1,915.85 per share.

The transaction is expected to be completed in a month, after all necessary approvals are obtained. The group said that the capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes.

IHC is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates national security adviser and a brother of the countrys de facto ruler, Crown Prince Mohammed bin Zayed. Sheikh Tahnoun is also the chairman of Royal Group, which owns 74% of IHC, and is chairman of ADQ.

Adani Green Energy Limited (AGEL), is the renewable energy platform of Adani Portfolio. Adani Transmission Limited (ATL) is the transmission and distribution business arm of Adani Portfolio. Adani Enterprises, the flagship company of Adani Group, one of Indias largest business conglomerates. It is an integrated infrastructure with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-model logistics, power generation and transmission, gas distribution, and edible oil and agro commodities.

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