Abu Dhabi-Based IHC Invests Over Rs 3,100 Crore In Adani Enterprises FPO
Abu Dhabi-based diversified conglomerate International Holding Company (IHC) has announced that it will invest 1.4 billion UAE Dirham (nearly Rs 3,115 crore or $381 million) into the follow-on public offering (FPO) of the Adani Enterprises.
IHC will make the investment through its subsidiary Green Transmission Investment Holding RSC Limited, the company said in a statement on Monday (30 January).
"Our 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 long-term perspective and added value to our shareholders," Syed Basar Shueb, chief executive officer, IHC said in the statement.
This is the second investment deal IHC has completed with Adani Group after last year's $2 billion investment in three green-focused companies of the Indian conglomerate, including Adani Green Energy, Adani Transmission, and Adani Enterprises.
IHC has subscribed to 16 per cent of Adani Enterprises’ $2.5 billion worth FPO.
"The advantage of the FPO is the historical reference for the company's earnings report, the performance of the stock market, company's management, business practices, and much data to bank on before making any investment decision," Shueb said.
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