Adani Green, Adani Energy down on report Abu Dhabi’s IHC may sell stake

IHC holds 1.26 percent stake in Adani Green Energy and 1.41 percent in Adani Energy Solutions. According to a report, the company says the move is a part of its portfolio rebranding strategy

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Shares of Adani Energy Solutions and Adani Green Energy were trading more than a percent lower on September 29 morning, a day after it was reported that Abu Dhabi-based International Holding Company (IHC) had entered into a pact with a buyer to sell its stake in these companies.

At 9.55 am, Adani Energy Solutions was trading at Rs 816 on the National Stock Exchange, down 1.75 percent from the previous close. Adani Green Energy was down 1.4 percent at Rs 997.85.

IHC holds more than a percent each in the two Adani group companies – Adani Green Energy ( 1.26 percent) and Adani Energy Solutions (1.41 percent). It bought the stakes in September 2022.

According to news agency Reuters, the company said the move is a part of its “portfolio rebranding strategy.” As of now, the name of the prospective buyer has not been released.

Also read: Abu Dhabi’s IHC to sell stake in two Adani group companies

IHC previously made a primary capital investment of $2 billion in three group companies — Adani Green, Adani Energy and the flagship Adani Enterprises.  The stake-sale report comes at a time when Adani Group continues to face allegations of wrongdoings in the aftermath of the Hindenberg Report in late January.

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The US short-seller Hindenburg Research released a report stating that the Gautam Adani-led conglomerate was engaged in stock manipulation. The Adani Group has denied all the allegations.

Also read: Adani hikes stake in two group companies

IHC is an Abu Dhabi-based conglomerate that invests in “diversified global sectors, enhancing social lives and driving economic development and growth “.

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