IHC considering bid for stake in Adani Enterprise

Buildings are seen at Sowwah Square on Marayah Island in Abu Dhabi's central business district. — Reuters file photo
Buildings are seen at Sowwah Square on Marayah Island in Abu Dhabi's central business district. — Reuters file photo

By Reuters

Published: Wed 25 Jan 2023, 3:34 PM

The UAE conglomerate International Holding Company is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises’ 200 billion rupee ($2.45 billion) follow-on sale of shares that began on Wednesday, the company’s spokesman said.



“IHC is considering the opportunity of bidding for stock purchase in the Adani Enterprise FPO (follow-on public offer); however, should anything materialise, IHC will inform the market as per the governance rules and regulations,” IHC spokesman Ahmad Ibrahim told Reuters.

Bloomberg News earlier reported, citing people familiar with the matter, that IHC was among bidders for the FPO, along with sovereign funds Abu Dhabi Investment Authority and Mubadala, as well as BNP Paribas. — Reuters


More news from Business
Experts warn to imminent oil supply crunch

business

Experts warn to imminent oil supply crunch

The latest oil market report from the IEA expects oil supply growth to slow to one million barrels per day. It forecasts global oil demand will increase by 1.9 million barrels per day in 2023 to reach a record 101.7 million barrels per day — with nearly half of that coming from China

business