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Adani Group’s Abu Dhabi backer says no plan to join any new share sale


By Farah Elbahrawy

Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by Gautam Adani, doesn’t plan to take part in any potential share sales if the Indian billionaire decides to tap equity markets.


“There is no plan to take part at this point,” IHC spokesman Ahmad Ibrahim said in a statement to Bloomberg. “If anything changes, IHC will disclose the same to the market as per the governor’s rules and regulations. Our business relationship remains the same.”

Adani Enterprises Ltd., the Indian tycoon’s flagship, and at least two other group companies plan to hold board meetings on May 13 to consider raising funds via the sale of shares or other securities, just months after allegations of fraud by a short seller tipped his business empire into crisis. Three companies controlled by Adani are considering a fundraising that may draw as much as $5 billion, Bloomberg reported. 

IHC, which is controlled by a key member of the emirate’s royal family, in January committed about $400 million in Adani Enterprises’ follow-on share sale which was later scrapped after a selloff triggered by Hindenburg Research’s report engulfed his group in turmoil. IHC said all of the funds were returned to the Abu Dhabi conglomerate.

First Published: May 11 2023 | 10:16 PM IST


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