Abu Dhabi-Based IHC To Sell Stakes In Adani Units, Says Partnership Remains Steadfast

Abu Dhabi-based IHC Capital Holding LLC said it will dispose of its investment in Adani Green Energy Ltd. and Adani Energy Solutions Ltd. (formerly Adani Transmission).

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 dispose of their FDI investments in Adani Green Energy and Adani Transmission, respectively, the investment firm said in an exchange filing on Thursday.

The decision is part of the overall portfolio rebalancing strategy of IHC, it said.

The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

"Our disclosure to the market aligns with the company's strategy to rebalance its investment portfolio. Additional information about this transaction will be incorporated into our quarterly financial disclosure. Our partnership with Adani and dedication to the Indian market remain steadfast," IHC said in a post on X (formerly Twitter).

#InternationalHoldingCompany continually strives to enhance shareholder value. Our disclosure to the market aligns with the company's strategy to rebalance its investment portfolio. Additional information about this transaction will be incorporated into our quarterly financial…

September 28, 2023

Green Energy Investment holds a 1.26% stake in Adani Green Energy, according to its shareholding pattern as of the quarter ending June 2023.

Green Transmission Investment holds a 1.41% stake in Adani Energy Solutions.

IHC did not disclose the name of the buyer to whom it plans to sell its stakes.

Last week, Adani Green Energy signed a binding agreement for a fresh $300 million investment from TotalEnergies SE.

The Adani group company approved a term sheet to form a new 50:50 joint venture with Total, either directly or through its affiliates, and change certain terms of its investment in Adani Green Energy Twenty-Three Ltd., an existing equal partnership, according to an exchange filing.

Shares of Adani Green Energy closed 0.61% lower, while those of Adani Energy Solutions ended 1.73% higher on Thursday ahead of the announcement, compared to a 0.92% decline in the S&P BSE Sensex.

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