Abu Dhabi-based IHC to invest USD 400 mn in Adani Enterprises FPO

Amid a rout in stock prices caused by a US short sellers allegations Abu Dhabibased International Holding Company IHC on Monday said it has invested AED 14 billion USD 400 million in the share sale of Adani Groups flagship firmThe investment in Adani Enterprises followon public offering FPO was made through its subsidiary Green Transmission Investment Holding RSC Limited a company statement saidAlso read Adani group stocks witness mixed trends in early trade Adani Enterprises jumps 10 per centMost Adani group shares have fallen over the past three trading sessions after Hindenburg Research released a damning report that flagged concerns around debt and the use of tax havens at the portstoenergy conglomerate Almost USD 70 billion in market value has been wiped out of the Adani empire in three trading daysThe embattled group would use the IHC investment to showcase how strategic institutional investors continue to stay investedHindenburg released its report on the day Rs 20000 crore FPO of Adani Enterprise opened for subscription for anchor investors The FPO which closes on Tuesday has so far subscribed only 3 per centThis is the second investment IHC has made in Adani Group after last years Dh73 billion USD 2 billion investment in three greenfocused companies of the conglomerate including Adani Green Energy Adani Transmission and Adani EnterprisesOur 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 longterm perspective and added value to our shareholders said Syed Basar Shueb Chief Executive Officer IHCIHCs first investment of the year comes as the company continues to scale and diversify its investments locally and internationally focusing on Europe Africa Asia and South America Markets in 2023The advantage of the FPO is the historical reference for the companys earnings report companys management business practices and much data to bank on before making any investment decision Shueb explainedIHC continues to look ahead this year as its ambitious progression strategy gets well underway with an expected further acquisition across four continents by the end of the year alone focusing on a fastgrowing economy rapidly expanding equity markets and top investment destinationWe are watching the international market closely for new prospects and we will continue exploring further opportunities outside our traditional market in 2023 Shueb addedIHC aims to increase its global acquisition by 70 per cent in 2023 with the clean energy and food processing sectors being a key focusThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever