On Thursday, Abu Dhabi's IHC Capital Holding LLC announced its intention to divest its holdings in Adani Green Energy Ltd and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd) as part of its portfolio rebalancing strategy. Its subsidiaries, Green Energy Investment Holding RSC Ltd and Green Transmission Investment Holding RSC Ltd, have entered into a definitive agreement with a buyer to sell their FDI investments in the two Adani companies.
The company is in the process of finalizing all necessary procedures and securing regulatory approvals to execute the signed transaction.
According to a report, as of the June quarter, Green Energy Investment retains a 1.26% ownership stake in Adani Green Energy, while Green Transmission Investment holds a 1.41% ownership stake in Adani Energy Solutions. IHC has not disclosed the identity of the buyer to whom it intends to offload its stakes in these two Adani companies.
On Thursday, Adani Green Energy's shares on the BSE concluded 0.7% lower at Rs 1,010.65, whereas Adani Energy Solutions' shares on the BSE concluded 1.7% higher at Rs 823.
Earlier this month, the French oil major TotalEnergies announced its commitment to invest $300 million in establishing a joint venture with Adani Green Energy to develop renewable capacity in India. This marks the first collaboration between the two companies since India's Adani Group became embroiled in a suspected tax fraud controversy.
Following allegations by US short seller Hindenburg Research, suggesting improper dealings and the utilization of tax havens by the Adani Group, the conglomerate's shares saw a significant decline in value, amounting to approximately $150 billion.
The diversified conglomerate, engaged in various sectors from ports to power, vehemently refuted these allegations, and subsequently, its shares have partially rebounded, especially following a thorough investigation by a Supreme Court-appointed panel that found no evidence of stock-price manipulation.
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