Abu Dhabi's IHC sells its investments in Adani Green, Adani Energy Solutions
IHC says the decision to dispose FDI investments in the two Adani Group firms is part of its overall portfolio rebalancing strategy
- Sep 28, 2023,
- Updated Sep 28, 2023 6:40 PM IST
Abu Dhabi-based IHC Capital Holding LLC on Thursday said it will dispose of its investment in Adani Green Energy Ltd and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd) as part of its rebalancing strategy. 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 of their FDI investments in the two Adani firms.
The company said is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.
A report said Green Energy Investment holds a 1.26% stake in Adani Green Energy as of June quarter and Green Transmission Investment holds a 1.41% stake in Adani Energy Solutions. IHC did not disclose the name of the buyer to whom it plans to sell its stakes in the two Adani firms.
On Thursday, Adani Green Energy's scrip on BSE closed 0.7% lower at Rs 1,010.65 while Adani Energy Solutions' scrip on BSE closed 1.7% higher at Rs 823.
Earlier this month, French oil major TotalEnergies said it will invest $300 million to form a joint venture with Adani Green Energy to build renewable capacity in India, the two companies' first deal since India's Adani Group was involved in an alleged tax fraud scandal.
Adani Group shares lost about $150 billion in value following allegations by US short seller Hindenburg Research that the company engaged in improper dealings and used tax havens.
The ports-to-power conglomerate has denied the allegations, and its shares have since recovered some of their losses, particularly after a Supreme Court-appointed panel found no evidence of stock-price manipulation.
Abu Dhabi-based IHC Capital Holding LLC on Thursday said it will dispose of its investment in Adani Green Energy Ltd and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd) as part of its rebalancing strategy. 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 of their FDI investments in the two Adani firms.
The company said is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.
A report said Green Energy Investment holds a 1.26% stake in Adani Green Energy as of June quarter and Green Transmission Investment holds a 1.41% stake in Adani Energy Solutions. IHC did not disclose the name of the buyer to whom it plans to sell its stakes in the two Adani firms.
On Thursday, Adani Green Energy's scrip on BSE closed 0.7% lower at Rs 1,010.65 while Adani Energy Solutions' scrip on BSE closed 1.7% higher at Rs 823.
Earlier this month, French oil major TotalEnergies said it will invest $300 million to form a joint venture with Adani Green Energy to build renewable capacity in India, the two companies' first deal since India's Adani Group was involved in an alleged tax fraud scandal.
Adani Group shares lost about $150 billion in value following allegations by US short seller Hindenburg Research that the company engaged in improper dealings and used tax havens.
The ports-to-power conglomerate has denied the allegations, and its shares have since recovered some of their losses, particularly after a Supreme Court-appointed panel found no evidence of stock-price manipulation.