Adani Shares: Adani Green Energy Shares In Focus After Abu Dhabi's IHC Decides To Sell Stake In Adani Firms

The share price of two Adani group firms Adani Green Energy and Adani Energy Solutions will be on investors' watchlist on Friday after Reuters reported that Abu Dhabi conglomerate International Holding Company (IHC) (IHC.AD) has decided to sell its stake in two of India's Adani Group companies. The move comes as the Indian billionaire Gautam Adani's business continues its fight against fraud allegations.

Today, the share price of Adani Green Energy was spotted trading 0.98% lower at 1001.80 per share at 9:30 am IST, while Adani Energy Solutions shares were down 1.45% at Rs 818.10 per share at 9:31 am IST.

Overseas investors including IHC backed Adani in the face of allegations levelled by US short-seller Hindenburg Research in its report on January 24 this year. Hindenburg Research alleged that the apples-to-airports conglomerate engaged in stock manipulation and had amassed significantly high debt.

According to the report, the Abu Dhabi firm did not disclose the name of the buyer.

The move which is seen to be a part of IHC's "portfolio rebalancing strategy", would see its subsidiaries Green Energy and Green Transmission sell their 1.26% stake in Adani Green and 1.41% stake in Adani Energy Solutions, respectively, according to BSE.
On Thursday, IHC said, "Under the over-portfolio rebalancing strategy of IHC, Green Energy Investment Holding RSC Ltd and Green Transmission Investment Holding RSC Ltd, subsidiaries of IHC Capital Holding LLC, have entered into a definitive agreement with a buyer to dispose of its FDI investment in Adani Green Energy Limited and Adani Transmission Limited, respectively."

IHC is part of a business empire that is overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser and a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.

Meanwhile, in its annual report 2022 published yesterday, the company said that IHC completed a AED 7.3 billion ($2bn) deal with India's Adani Group to invest in three clean energy-focused companies including Adani Green Energy, Adani Transmission, and Adani Enterprises. It said, "The Indian company plans to supply the country with 45 gigawatts of clean energy by 2030."