International Holding Company, an Abu Dhabi-based diversified conglomerate, on Monday announced that it will invest about USD 400 million (AED 1.4 billion) into the Adani Enterprises’ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited.
The Adani Group company’s FPO opened for subscription on January 27 and will continue till January 31. Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the Rs 20,000 crore follow-on public offer (FPO).
This investment, IHC said in a release, is its first investment of the year as it intends to scale and diversify its investments locally and internationally, focusing on Europe, Africa, Asia, and South America markets in 2023.
“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” said Syed Basar Shueb, Chief Executive Officer, IHC.
The release added this is the second investment deal International Holding Company has completed with India’s Adani Group after last year’s USD 2 billion investment in three green-focused listed companies of the group — Adani Green Energy, Adani Transmission, and Adani Enterprises.
“The advantage of the FPO is the historical reference for the company’s earnings report, company’s management, business practices, and much data to bank on before making any investment decision,” Shueb added.
The release said IHC continues to look ahead this year as its ambitious progression strategy gets well underway, with an expected further acquisition across four continents by the end of the year alone.
The UAE-based IHC aims to increase its global acquisition by 70 per cent in 2023, with the clean energy and food processing sectors being a key focus.
“We are watching the international market closely for new prospects, and we will continue exploring further opportunities outside our traditional market in 2023,” Shueb said.
(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)
