Abu Dhabi's IHC increases stake in Adani Enterprises
International Holding Company has increased its shareholding in Adani Enterprises Ltd. by 0.06%, bringing its total shareholding to 5.04%.
Abu Dhabi conglomerate International Holding Company (IHC) has increased its stake in Adani Enterprises to above 5% after selling out of two companies last week.
IHC has increased its shareholding in Adani Enterprises Ltd. by 0.06%, bringing its total shareholding to 5.04%, as per a statement shared on Zawya.
Green Vitality and Green Enterprises Investment Holdings owned 4.55% of Adani Enterprises for the quarter ending June.
"This strategic increase reflects IHC's conviction in the world leading incubation model of AEL and we believe that the inherent strength of Airports, Data Centers, Green Hydrogen, and various other verticals being incubated under AEL and that AEL is poised to uniquely capitalise on India’s robust growth journey," IHC said in a regulatory filing on the ADX where its shares trade.
IHC, the UAE's largest publicly traded company, announced last week that its subsidiaries--Green Energy Investment Holding RSC Ltd. and Green Transmission Investment Holding RSC Ltd.--have entered into a definitive agreement with a buyer to dispose off their investments in renewables arm Adani Green Energy and power company Adani Transmission. It said the move is a part of overall portfolio balancing.
Last year, IHC invested $500 million each in Adani Green Energy and Adani Transmission, and a further $1 billion in the group's flagship Adani Enterprises.
In January this year, Hindenburg Research accused Adani Enterprises of stock manipulation and accounting fraud.
IHC, a $236 billion conglomerate chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, also oversees Abu Dhabi Investment Authority and ADQ.
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