adani group gets $400 million investment from uae royals in share sale

Adani Group Gets $400 Million Investment From UAE Royals In Share Sale

One of the richest men in Asia, Gautam Adani, received an investment from the United Arab Emirates (UAE) Royals in a share sale. 

The Adani Group, an Indian multinational conglomerate founded by Gautam Adani, received a $ 400 million (Rs 3,260 crore) investment from Abu Dhabi’s International Holding Co.

Adani has faced losses of $65 billion in its companies’ market value after his rebuttal of a U.S. short-seller’s criticism affected his popularity and failed to pacify investors. The report from United States-based Hindenburg Research flagged concerns about high debt levels on Adani Group. However, Adani dismissed the report. 

Hindenburg Research released the report on Adani on January 24, the day Adani Enterprise Ltd’s Rs 20,000-crore follow-on share sale was opened for investors. In three days, the shares of Adani Enterprises fell 16.38 per cent. 

IHC, Abu Dhabi’s largest listed company, said it would invest about $400 million in Adani Enterprises’ follow-on share sale. Syed Basar Shueb, the CEO of IHC, said, “We see a strong potential for growth from a long-term perspective and added value to our shareholders.”

IHC said that the investment was confident in the fundamentals of the conglomerate even after the route in share value. 

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