Abu Dhabi based IHC enters into an agreement to dispose off its investment in Adani companies

Abu Dhabi-based International Holding Company (IHC), which held more than one percent stakes in two Adani group companies, Adani Green Energy and Adani Energy Solutions, has entered into a pact with a buyer to dispose off its investments. As of Thursday’s close, the value of its holdings in these two companies stood at Rs 3,327 crore.

However, IHC, which held its stake in two Adani group companies through subsidiaries, didn’t mention the name of the buyer or any other financial details of the transaction. As of June 30, its unit — Green Energy Investment Holding RSC — held 1.26 percent in Adani Green Energy whereas another unit — Green Transmission Investment Holding RSC — held 1.41 percent in Adani Energy Solutions.

Shares of Adani Green and Adani Energy Solutions are trading with losses. The Adani Energy stock is down 1.8 percent at Rs 994.2 apiece, while Adani Energy Solutions is down 1.85 percent at Rs 815.10 apiece, around 10.50am, on September 29.

In a release to Abu Dhabi Securities Exchange (ADX), IHC said, as a part of overall portfolio rebalancing strategy, it has entered into definitive agreement with a buyer to dispose of its FDI investments in Adani Group companies. It further said, the company is completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

According to a Bloomberg report, IHC has invested almost $2 billion in three companies owned by billionaire Gautam Adani, including the group’s flagship firm — Adani Enterprises. While shares of Adani Green Energy have lost 48 percent so far in 2023, the stock of Adani Energy Solutions has come off 68 percent during the same period.