Abu Dhabi-based International Holding Co (IHC) on Tuesday said its holding in Adani Enterprises, the flagship firm owned by billionaire Gautam Adani, has increased to above five percent. The development comes days after the Middle-East based investor decided to offload stakes in two other group companies as part of its portfolio rejig.

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IHC in an exchange filing to Abu Dhabi Securities Exchange (ADX), said “This strategic increase reflects IHC's conviction in the world leading incubation model of Adani Enterprises (AEL) and we believe that the inherent strength of Airports, Data Centers, Green Hydrogen, and various other verticals being incubated under AEL and that AEL is poised to uniquely capitalize on India’s robust growth journey.” However, IHC didn’t mention the amount invested in the company. A five percent stake in AEL as of Tuesday is valued at Rs 13,600 crore.

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With Rs 2.72 lakh crore, Adani Enterprises boast a quarter of group’s market capitalisation, which stood at Rs 10.73 lakh crore as of Tuesday’s close. Shares of AEL have more than doubled from their February lows, but still trading at about 42 percent lower to their record high, seen in December 2022.

IHC, which had invested about $2 billion in three of the group companies — Adani Green Energy, Adani Energy Solutions and Adani Enterprises – had entered into definitive agreement with a buyer last week to dispose its stake in Adani Green Energy, Adani Energy Solutions. The investor had held more than one percent stakes in both of them.

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(Edited by : Asmita Pant)