Adani Green, Adani Energy Solutions stocks in focus as IHC looks to sell shares

Shares of two Adani group companies namely Adani Green Energy Ltd and Adani Energy Solutions Ltd (erstwhile Adani Transmission Ltd) will be in focus on Friday morning after Abu Dhabi's IHC in a disclosure to Abu Dhabi Securities Exchange said it would through is two subsidiaries Green Energy Investment Holding RSC and IHC Capital Holdings LLC has entered into a definitive agreement with a buyer to dispose of its foreign direct investment (FDI) in the two Adani group companies. The company did not disclose the buyer's name.

The move is a part of IHC's overall portfolio rebalancing strategy, IHC informed Abu Dhabi Securities Exchange. The two stocks have seen massive erosion in value in the last one year.

IHC said it was completing all the necessary procedures and obtaining all the required regulatory approvals to implement the signed transactions.

Data available with BSE showed Green Energy Investment Holding RSC Limited held 2,00,18,198 shares or 1.26 per cent stake in Adani Green Energy, as on June 30. Shareholding data for Adani Energy Solutions, on the other hand, suggested Green Transmission Investment Holding RSC Limited held 1,56,82,600 shares or 1.41 per cent stake in the company at the end of June quarter.

IHC announced in April last year announced an investment of $2 billion in three Adani group companies -- the third being Adani Enterprises. It invested Rs 7,700 crore in Adani Enterprises and R 3,850 crore worth shares each in Adani Green Energy and Adani Energy Solutions.

Shares of Adani Green Energy are down 47 per cent year-to-date and 49 per cent in the last one year. Adani Energy Solutions in fact has fallen 67 per cent this year and 76 per cent in the last one year.

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