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Abu Dhabi’s IHC may sell stake in Adani Green, Adani Energy

Sep 29, 2023

By: BlinkX Research Team

Shares of Adani Energy Solutions and Adani Green Energy will be watched by investors on September 29, a day after it was reported that Abu Dhabi-based International Holding Company (IHC) had entered into a pact with a buyer to sell its stake in these companies.

IHC holds more than a percent each in the two Adani group companies - Adani Green Energy (1.26 percent) and Adani Energy Solutions (1.41 percent). It bought the stakes in September 2022.

IHC previously made a primary capital investment of $2 billion in three group companies — Adani Green, Adani Energy and the flagship Adani Enterprises.  The stake-sale report comes at a time when Adani Group continues to face allegations of wrongdoings in the aftermath of the Hindenberg Report in late January.

The US short-seller Hindenburg Research released a report stating that the Gautam Adani-led conglomerate was engaged in stock manipulation. The Adani Group has denied all the allegations.

IHC is an Abu Dhabi-based conglomerate that invests in "diversified global sectors, enhancing social lives and driving economic development and growth ".