[ad_1]
(Bloomberg) – The Abu Dhabi-based international holding company, which has invested nearly $2 billion in companies owned by Gautam Adani, is not planning to participate in any potential share sales should the Indian billionaire decide to enter the stock market.
Most reads come from Bloomberg
“There are currently no plans to engage,” IHC spokesman Ahmad Ibrahim said in a statement to Bloomberg. “If there are any changes, IHC will disclose to the market in accordance with the governor’s bylaws. Our business relationship remains unchanged.”
Adani mulls new stake sale for first time since Hindenburg debacle
Adani Enterprises Ltd., the flagship of the Indian tycoon, and at least two other group companies plan to hold a board meeting on May 13 to consider raising funds through the sale of shares or other securities, just months after a short-seller’s fraud allegations Tilt his business empire into crisis. Three companies controlled by Adani are considering raising funds that could reach as much as $5 billion, Bloomberg reported.
IHC, which is controlled by a prominent member of the sheikh’s royal family, pledged in January to spend about $400 million on a follow-on stake sale in Adani Enterprises, which was later canceled after a sell-off sparked by the Hindenburg Research report roiled his group. All funds have been returned to Abu Dhabi Enterprise Group, the IHC said.
Most reads come from Bloomberg Businessweek
©2023 Bloomberg Intelligence
[ad_2]
Source link
