Adani Group Stocks Extend Rally On $2 Billion Investment By UAE’s IHC
On Friday, Adani group announced that IHC or International holding company PJSC intends to invest in preferential nature amounting to $2 million in the three major institutions of Adani group, usually recognized as Adani Green Energy, Adani Transmission, and Adani Enterprises.
Further, the company, PJSC originating in Abu Dhabi claimed that this investment would be the beginning of its investment in the Adani group of Enterprises.
According to Adani, IHC will invest Rs 3850, Rs 3850, and Rs 7700 in Adani Green Energy, Adani Transmission, and Adani Enterprises, respectively, within one month after all legal formalities are accomplished. The utilization of the capital amount would be under the supervision of respective shareholders and authorities.
Adani Group of Enterprises would use this investment to improve their business activities, maintain a good flow of capital and expenditure, exercise more control of the accounting cycle, and enhance operation liquidity.
As per Sagar Adani, the executive director of Adani Green Energy, The company is solely committed to attaining goals that lead to building a green and sustainable environment.
This transaction will make IHC an owner of 3.53% of Adani Green Energy, 1.41% of Adani Transmission, and 1.26% of Adani Enterprises. IHC would have to bear Rs1,923.25, Rs1,915.85, and Rs2,454.95 to get shares in Adani Green, Adani Enterprises, and Adani Transmission, respectively. Moreover, The institution held a meeting to get permission from the investment activities board.
IHC was established in 1998 to promote non-oil industries in the UAE. In 2021, the total profits of IHC increased by AED 87 billion in assets and by AED 28,562 billion in revenue.
Basar Shueb, the CEO and Managing Director of IHC, also shows his faith in the investment by pointing toward the country’s gradual development and recognition throughout the world.