Adani Group’s big bet before Diwali, this foreign company is selling its stake in 2 Adani companies
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Adani Group: This year has been full of turmoil for Gautam Adani. On one hand, the company has suffered huge losses due to the Hindenburg Research report. At the same time, after recovering the losses, the company is continuously making big investments. Now it is being told that Abu Dhabi’s International Holding Company has decided to sell its stake in two companies of industrialist Gautam Adani Group. However, even after the news of the deal reached the stock market, not much action was seen in the group’s shares. It was trading at 2,448.60 with a loss of 1.08 percent around 10 am. Let us tell you that IHC is one of the first famous investors to invest in Adani Group. In a regulatory filing, IHC said it has entered into an agreement with a buyer, Adani Green Energy Ltd. And Adani Transmission Ltd. We have entered into a firm agreement to sell our FDI investment. However, IHC has not disclosed the name of the buyer.
Invested 500 million dollars
In April 2022, IHC had invested $500 million each in Adani Green Energy and power company Adani Transmission and $1 billion in the group’s flagship company Adani Enterprises. At that time, IHC Chief Executive Syed Basar Shuaib said that he was investing in Adani’s companies in India for the long term. IHC has said that it is selling its stake in Adani’s companies as part of its strategy to rebalance the overall portfolio. However, he has not said anything on investment in Adani Enterprises.
Adani Ports will buy back other bonds worth US $ 195 million
Adani Ports and Special Economic Zone (APSEZ) will buy back other bonds worth US $ 195 million. After allegations of irregularities and fraud by American financial research and investment company Hindenburg Research, Gautam Adani’s group is trying to increase confidence among investors and this step is a part of the same. APSEZ informed the stock market that it will use its cash reserves to buy back bonds worth US $ 195 million due in 2024. According to the statement, the board of directors of the company has approved this. The company had to pay a total of $520 million, out of which it is paying 30 percent of the total dues i.e. $195 million. After this, $325 million will remain outstanding. The tender for repurchase will remain open till 26 October. In May, the company repurchased bonds worth $130 million, reducing the outstanding amount from $650 million to $520 million. Hindenburg had accused the Adani Group of fraud in the books of accounts and manipulation of share prices and improper use of foreign units. After this there was a decline in the shares of the company. However, the company has completely rejected these allegations.
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