Abu Dhabi-based International Holding Co. said it will invest 1.4 billion dirhams ($400 million) in the $2.5 billion follow-on share sale floated by Indian billionaire Gautam Adani’s flagship.
IHC, which invested almost $2 billion in Adani’s companies last year, is making the investment in Adani Enterprises through its subsidiary Green Transmission Investment Holding RSC Ltd., it said in a statement on Monday. The investment is 16% of Adani Enterprises’ follow-on share sale.
The announcement by IHC comes as Adani seeks to restore confidence in his business empire after a scathing report on the tycoon’s business empire by US short seller Hindenburg Research. Shares of most Adani Group firms slumped on Monday despite the Indian conglomerate’s lengthy weekend rebuttal to allegations of fraud by short seller Hindenburg Research.
“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” IHC CEO Syed Basar Shueb said.
“The advantage of the FPO is the historical reference for the company’s earnings report, company’s management, business practices, and much data to bank on before making any investment decision”
On Friday, IHC led by Sheikh Tahnoon Bin Zayed Al Nahyan — the UAE’s national security adviser and brother to the president — said its business decisions are based on facts after the report.
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Niraj_Goswami2023-01-30
International Holding Company, the diversified Abu Dhabi-based conglomerate, announces to invest AED 1.4 billion (US$ 400 mn) into Adani Enterprises Further Public Offering (FPO) & a part of Adani Group, through its subsidiary Green Transmission Investment Holding RSC Limited..
Like(1) Dislike(0)Raj Misrhra892023-01-30
Buy in throw away prices...
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