Abu Dhabi’s IHC Invests Rs 3,260 Crore In Adani Enterprises FPO
The amount equates to 16% of Adani Enterprises’ Rs 20,000 crore follow-on public offering.
Abu Dhabi's International Holding Co., controlled by a member of the U.A.E royal family, has invested $400 million or Rs 3,260 crore in Adani Enterprises Ltd.'s ongoing record share sale.
The amount equates to 16% of Adani Enterprises’ Rs 20,000 crore follow-on public offering, the country's largest so far.
"Our interest in the 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 at IHC, said in the statement.
"The advantage of the FPO is the historical reference for the company's earnings report, company management, business practices, and much data to bank on before making any investment decision," Shueb said.
The conglomerate had invested about Rs 15,400 crore in three green-focused Adani companies in April last year. These are Adani Green Energy Ltd., Adani Transmission Ltd., and Adani Enterprises.
Ahead of the FPO, Adani Enterprises had raised about Rs 5,985 crore from 33 anchor investors, including Maybank Securities, Life Insurance Corp., SBI Life Insurance Co., HDFC Life Insurance Co., BNP Paribas Arbitrage, Societe Generale, Goldman Sachs, Nomura, Citigroup, Morgan Stanley, among others.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.