MUMBAI: Abu Dhabi’s IHC has ramped up its stake in Adani Enterprises even as it sells its interest in the Indian major’s green energy and power transmission companies.
IHC acquired 1.02% of Adani Enterprises from the open market in the June quarter of fiscal 2024, increasing its stake to 4.6% in the company which incubates businesses such as airports, data centers and green hydrogen for the Adani Group.
Last week, IHC said it has inked an agreement with a buyer to dispose of its investments in Adani Green and Adani Transmission. It, however, didn’t disclose the name of the buyer.
IHC bought 1.15 crore Adani Enterprises shares through its 100% arm Green Vitality RSC. While its acquisition price could not be ascertained, the 1.02% stake is worth Rs 2,805 crore based on Adani Enterprises’s September 29 price of Rs 2,412 apiece on the BSE. IHC first checked into Adani Enterprises in May 2022, when it, through Green Enterprises Investment Holding RSC, invested Rs 7,700 crore for a 3.5% stake in the company.
Subsequently, it committed $400 million in Adani Enterprises’s follow-on offering but could not proceed as the Indian company cancelled its fund-raise programme in the wake of Hindenburg report. IHC also owns 1.26% in Adani Green Energy, which is worth Rs 2,019 crore, and 1.41% in Adani Transmission, which is valued at Rs 1,305 crore.
IHC acquired 1.02% of Adani Enterprises from the open market in the June quarter of fiscal 2024, increasing its stake to 4.6% in the company which incubates businesses such as airports, data centers and green hydrogen for the Adani Group.
Last week, IHC said it has inked an agreement with a buyer to dispose of its investments in Adani Green and Adani Transmission. It, however, didn’t disclose the name of the buyer.
IHC bought 1.15 crore Adani Enterprises shares through its 100% arm Green Vitality RSC. While its acquisition price could not be ascertained, the 1.02% stake is worth Rs 2,805 crore based on Adani Enterprises’s September 29 price of Rs 2,412 apiece on the BSE. IHC first checked into Adani Enterprises in May 2022, when it, through Green Enterprises Investment Holding RSC, invested Rs 7,700 crore for a 3.5% stake in the company.
Subsequently, it committed $400 million in Adani Enterprises’s follow-on offering but could not proceed as the Indian company cancelled its fund-raise programme in the wake of Hindenburg report. IHC also owns 1.26% in Adani Green Energy, which is worth Rs 2,019 crore, and 1.41% in Adani Transmission, which is valued at Rs 1,305 crore.