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(This article updates the story prior to 31 January 2023 to include Adani’s announcement to withdraw from the FPO)
Adani Enterprises AED1.4 billion (approximately US$400 million) of investment recently announced by Abu Dhabi InternationalImmunohistochemistry) into its three green energy-focused companies. The investment is part of a fully subscribed follow-on public offering (FPO).
Adani Enterprises said in a statement that given the unprecedented circumstances and current market volatility, the company aims to protect the interests of its investment community by returning FPO proceeds to all investors and withdrawing completed transactions.
Adani Enterprises plans to use some of the proceeds from the FPO to fund its clean energy initiatives, including green hydrogen projects.
Gautam Adani, Chairman of Adani Enterprises, said: “The market is unprecedented and our share price has fluctuated throughout the day. Free from any potential financial loss, the board has decided not to proceed with the FPO.”
The investment is IHC’s first in 2023 as the company plans to diversify. IHC is already planning major investments in Europe, Africa, Asia and South America. The company aims to increase its global acquisitions by 70% by 2023, with a focus on clean energy and food processing.
“Our interest in Adani Group stems from our confidence and belief in the fundamentals of Adani Enterprises Ltd. We see strong potential for growth over the long term and add value to our shareholders. The strength of the FPO is the company’s earnings report , company management, historical reference of business practices, and a wealth of data that can be consulted before making any investment decision,” IHC CEO Syed Basar Shueb said after announcing the investment earlier.
With 422 subsidiaries and 82,000 employees, IHC aims to expand and diversify its holdings in a growing number of industries, including real estate, agriculture, healthcare, food and beverage, utilities, industrial, IT and communications, Retail and Leisure and Capital.
Last April, International Holdings proposed announcement Shares its plans to invest $2 billion in three Adani Group companies. Adani Green Energy and Adani Transmission will each receive $500 million, while Adani Enterprises will receive $1 billion through a preferential allocation, IHC said.
Gulav A reporter for Mercom India, he has worked in various capacities for NewsX, The New Indian Express, IBTimes India, US, Republic and Analytics India Magazine for over six years. Gourav holds a Masters in Journalism from Jain University, Bangalore. More articles from Gourav Mishra[ad_2]
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