Abu Dhabi-Based International Holding Company (IHC) has completed $400 million (Rs 3,280 crore) investment in ongoing Adani Enterprises follow-on public offer through its subsidiary Green Transmission Investment Holding RSC Limited.
The investment comes at a time when FPO was subscribed only 3 per cent by end of the second day of subscription amid escalating fight between US-based short seller Hindenburg Research and Adani Group.
IHC in a statement said that it has invested 1.4 billion dhirams in Adani Enterprises.
The move comes as part of IHC strategy to increase the company’s global acquisitions activities by 70 per cent in 2023, IHC said.
"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 the second investment deal IHC has completed with India's Adani Group after last year's $2 billion investment in three green-focused companies of the Adani Group, including Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay Stock Exchange and National Stock Exchange.
Most Adani Group shares fell sharply on Monday as the conglomerate's rebuttal of Hindenburg's criticism failed to pacify investors, deepening a market rout that has now led to losses of $65 billion in the group's stock values.
Adani Group has locked horns with Hindenburg and on Sunday hit back at the short-seller's report of last week that flagged concerns about its debt levels and the use of tax havens.
