4, December, 2023
HomeIndiaIHC Boosts Stake in Adani Enterprises, Reinforcing Confidence in India's Growth

IHC Boosts Stake in Adani Enterprises, Reinforcing Confidence in India’s Growth

Published on

Abu Dhabi’s International Holding Company (IHC) has recently increased its stake in Adani Enterprises Ltd (AEL) by 0.06%, bringing its total ownership to 5.04%, as per an exchange filing on Tuesday. This move follows IHC’s decision to sell its stakes in Adani Green Energy and Adani Transmission the previous week. Based on Tuesday’s volume-weighted average price of Adani Enterprises, the estimated value of this 0.06% stake is ₹153.6 crore.

In a statement to the Abu Dhabi stock exchange, IHC expressed its confidence in AEL’s world-leading incubation model. It also highlighted the strength of AEL’s various businesses, such as airports, data centers, green hydrogen, and more, emphasizing the company’s potential to benefit from India’s robust growth trajectory. IHC reaffirmed its commitment to exploring unique investment opportunities in India to maximize returns for stakeholders.

Adani Enterprises responded positively to IHC’s increased stake, considering it a strong endorsement of the group’s capital expenditure plans, governance, and transparency. Last week, IHC had announced its intention to divest its 1.26% stake in Adani Green Energy Ltd and 1.41% stake in Adani Energy Solutions as part of its “portfolio rebalancing strategy.”

During the June quarter, IHC’s subsidiaries, Green Vitality Rsc Ltd. and Green Enterprises Investment Holding Rsc Ltd., collectively held 4.55% of AEL. Adani Enterprises’ shares closed 1.02% lower at ₹2387.55 apiece on the BSE on Tuesday.

Reports indicate that global investors, who had been wary of Hindenburg’s allegations in January, have started returning to invest in the Adani conglomerate. In the previous month, French oil major Total Energies committed $300 million to Adani Green Energy for the joint development of wind and solar farms. Earlier, Qatar Investment Authority (QIA) invested $500 million for a 2.7% stake in Adani Green Energy, and in August, investment firm GQG Partners acquired an 8.1% stake in Adani Power for $1.1 billion through block deals.

Latest articles

Giorgia Andriani Opens Up About Split with Arbaaz Khan – Affirms ‘Always Have Feelings for Him

Giorgia Andriani recently confirmed her separation from actor-producer Arbaaz Khan in an interview, expressing...

How Dinosaurs Shaped Human Lifespan, Revealing the 200-Year Mystery

In a recent study, a scientist proposed that humans might have lived up to...

Biden to Restrict China Travel Amid Concerns Over Respiratory Illness

Senate Republicans are urging President Biden to limit travel between the U.S. and China...

More like this

Ludhiana Hospital Commended for Delivering Babies to HIV-Infected Mothers

The Mother and Child Hospital (MCH) at Civil Hospital in Ludhiana, Punjab, achieved a...

PM Modi Highlights Key Moments from Dubai Climate Summit

Prime Minister Narendra Modi took to social media to share a video capturing significant...

India’s Pursuit, Bringing 24 Fugitives Home and Tackling International Crime

In 2023, India's active engagement with Interpol led to the successful repatriation of 24...
Enable Notifications OK