Abu Dhabi's IHC Increases Stake In Adani Enterprises To 5.04%

(MENAFN- Live Mint) "Mumbai: Abu Dhabi's International Holding Company (IHC) has increased its stake in Adani Enterprises Ltd (AEL) by 0.06% to 5.04%, according to an exchange filing on Tuesday. This comes after IHC sold its stakes in Adani Green Energy and Adani Transmission last week. The value of the 0.06% stake is estimated at ₹153.6 crore, according to Tuesday's volume-weighted average price of Adani Enterprises.\"This strategic increase reflects IHC's conviction in the world-leading incubation model of AEL,\" IHC said in a statement to the Abu Dhabi stock exchange. IHC also highlighted the inherent strength of AEL's airports, data centers, green hydrogen and other businesses, and its ability to capitalize on India's robust growth journey. It said it continues to explore unique investment opportunities in India with the goal of maximizing stakeholders' returns Enterprises said IHC's increased stake was a \"ringing endorsement of the group's robust capex plans, governance and transparency week IHC said it would sell its 1.26% stake in Adani Green Energy Ltd and 1.41% stake in Adani Energy Solutions as part of a \"portfolio rebalancing strategy\".IHC's Green Vitality Rsc Ltd. and Green Enterprises Investment Holding Rsc Ltd. owned 4.55% of AEL in the June quarter. Shares of Adani Enterprises closed 1.02% lower at ₹2387.55 apiece on the BSE on Tuesday investors, spooked by short-seller Hindenburg's allegations in January, have started to return and invest in the conglomerate, according to a Reuters report. Last month French oil major Total Energies invested $300 million in Adani Green Energy to form a joint venture for development of wind and solar farms, it said.
Earlier, sovereign fund Qatar Investment Authority (QIA) also invested $500 million for a 2.7% stake in Adani Green Energy. In August, investment firm GQG Partners bought an 8.1% stake in India's Adani Power for $1.1 billion via block deals, Reuters reported inputs from Reuters.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.