Abu Dhabi based International Holding Company PJSC has subscribed to 16 percent of Adani Enterprises' Further Public Offering (FPO) by investing a sum of $400 million.

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International Holding Company will be making the investment in the FPO through its subsidiary Green Transmission Investment Holding RSC Ltd.

This is IHC's first investment of the year. The company aims to continue to explore business opportunities in Europe, Africa, Asia, and South America.

IHC CEO Syed Basar Shueb said that they are confident in the fundamentals of Adani Enterprises and that they see a strong potential for growth from a long-term perspective and add value to their shareholders.

The transaction will be subject to completion of all necessary procedures and after all regulatory approvals are obtained.

International Holding Company has already invested close to $2 billion in three companies of the Adani Group - Adani Green Energy, Adani Transmission, and Adani Enterprises last year.

The investor's business interests include areas of healthcare, real estate, agriculture, F&B, IT among others.

Adani Enterprises' FPO has been the talking point ever since a research firm named Hindenburg levelled various allegations against the group, that has sparked a host of replies and counter arguments from both sides.

The to and fro between the Adani Group and the Hindenburg Research continued on Monday morning with the group CFO Jugeshinder 'Robbie' Singh refuting charges of fraud vehemently in an interview with CNBC-TV18.

On its part, Hindenburg has replied to the statement made by the Adani Group which called the report 'an attack on India'. The research firm has hit back saying that 'fraud cannot be obfuscated by nationalism'. The firm also said that 62 out of the 88 questions posed to the Adani Group still remain unanswered.

As per the latest update, the FPO of Adani Enterprises was subscribed 2 percent. The issue closes tomorrow. CFO Singh expressed confidence that the issue will face no hurdles in seeing full subscription, despite the share prices falling much below the lower end of the price band.

Shares of Adani Enterprises ended 4.7 percent higher on Monday after a volatile day of trade. The stock lost nearly 20 percent over Thursday and Friday, falling well below the lower end of the FPO price band of Rs 3,112.

First Published:Jan 30, 2023 4:55 PM IST