International Holding Company (IHC), the diversified Abu Dhabi-based conglomerate, will invest $400 million (Rs 3,200 crore) into the Adani Enterprises’ Rs 20,000-crore follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Ltd.
The size of this is the largest in India’s history.
According to a press statement, IHC’s first investment of the year comes amid the company’s plans to scale and diversify its investments locally and internationally in 2023 with a focus on Europe, Africa, Asia and South America.
IHC has subscribed to 16 per cent of Adani Enterprises’ $2.5 billion FPO.
“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,” Syed Basar Shueb, Chief Executive Officer, IHC said.
This is IHC’s second investment deal in the Adani Group. Last year it invested $2 billion in three green focused companies of the Adani Group which include Adani Green Energy, Adani Transmission and Adani Enterprises. All these three entities are listed on the Bombay Stock Exchange and National Stock Exchange.
Following the allegations made by short seller Hindenburg Research last week, the FPO had received a muted response. On the second day, the FPO was subscribed only 3 per cent Though the Adani Group has said that the Hindenburg report is malicious in nature, it had decided to go on with the FPO plan. The issue at a premium price band of Rs 3,112 and Rs 3,276 per FPO equity share will close tomorrow.
Also read: Adani Group commissions new 450 MW wind-solar hybrid power plant in Rajasthan
External Affairs Minister S Jaishankar held a joint presser with his Australian Counterpart Penny Wong,…
External Affairs Minister, S Jaishankar expressed concerns about the recent attacks on the Hindu temples…
Indian Coast Guard Chief Director General S Paramesh has called on Indian Navy Chief Admiral…
Just a few hours ahead of the presidential polls in the United States, North Korea…
Over a thousand Canadian Hindus gathered outside the Hindu Sabha Mandir in Brampton, Canada on…
External Affairs Minister S Jaishankar was welcomed by Australian Foreign Minister, Penny Wong, at the…