ABU Dhabi: Abu Dhabi-based IHC Capital Holding has offloaded more than 8.4 million shares in India’s Adani Enterprises through open market transactions, raising Rs18.32 billion ($210 million), according to block deal data on the Bombay Stock Exchange (BSE).
The shares were sold through IHC’s subsidiaries, Green Vitality RSC and Green Energy Investment Holding RSC, at an average price of Rs2,168.10 apiece.
The transaction represents a 0.73 per cent stake in Adani Enterprises, the flagship company of the embattled Adani Group, led by Indian billionaire Gautam Adani.
Interestingly, on the same day, Envestcom Holding RSC, an Abu Dhabi-based private entity that also holds stakes in Adani Total Gas and Adani Energy Solutions, acquired 8.44 million shares in Adani Enterprises at a similar price per share.
The move raises questions about whether the share sale was a portfolio adjustment or part of a broader restructuring of investments in the conglomerate.
Interesting transactions
The transaction comes as Adani Group continues to navigate regulatory and legal challenges. The group has been under intense scrutiny since a US court indictment in November accused Gautam Adani of bribing Indian officials to secure electricity purchases from Adani Green Energy.
While Adani Group has strongly denied the allegations, the controversy has added to the turbulence surrounding the conglomerate, which was already reeling from the fallout of Hindenburg Research’s fraud allegations earlier in 2023.
Despite the challenges, Adani Enterprises’ stock has shown resilience, with investors closely watching the conglomerate’s strategic moves, regulatory developments, and shifts in ownership by global investors like IHC.
