Abu Dhabi-based IHC invests $400 million in Adani Enterprises' FPO
Abu Dhabi (UAE), January 30: Abu Dhabi-based International Holding Company on Monday announced that it will invest around USD 400 million (AED 1.4 billion) into the Adani Enterprises' follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited.
The subscription period for the Adani Group company's FPO began on January 27 and will end on January 31. Adani Enterprises filed a red herring prospectus with India's market regulator, the Securities and Exchange Board of India (SEBI), for the Rs 20,000 crore follow-on public offer (FPO).
This is IHC's first investment of the year, according to a release, as it plans to scale and diversify its investments locally and internationally in 2023, with a focus on Europe, Africa, Asia, and South America markets.
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"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," said Syed Basar Shueb, CEO of IHC.
According to the release, this is the second investment deal International Holding Company has completed with India's Adani Group, following a USD 2 billion investment in three of the group's green-focused listed companies, Adani Green Energy, Adani Transmission, and Adani Enterprises, last year.
"The advantage of the FPO is the historical reference for the company's earnings report, company's management, business practices, and much data to bank on before making any investment decision," Shueb further said.
According to the release, IHC continues to look ahead this year as its ambitious progression strategy gets underway, with another acquisition across four continents expected by the end of the year.
- ANI
