Major Stake Shuffle: IHC Sells Shares in Adani's Energy Arm
Abu Dhabi's IHC sold a 1.83% stake in Adani Energy Solutions for Rs 1,737 crore via open market transactions. The move reduces Envestcom Holding's stake in AESL to 0.85% from 2.68%. The sale continues IHC's strategic reshuffling of investments in Adani group companies.
- Country:
- India
In a significant financial maneuver, International Holding Company (IHC) based in Abu Dhabi, divested a 1.83% stake in Adani Energy Solutions (AESL) for Rs 1,737 crore through open market transactions on Wednesday.
IHC, acting via its affiliate Envestcom Holding RSC Ltd, sold around 2.2 crore equity shares in AESL, as per bulk deal data recorded on the BSE and NSE. Priced at an average of Rs 790 each, the total deal amounted to Rs 1,736.73 crore. Following the sale, Envestcom Holding's stake in AESL fell from 2.68% to 0.85%.
The identification of the purchasers of these AESL shares remains unspecified. Earlier in March, IHC had offloaded 84.49 lakh shares in Adani Enterprises for about Rs 1,800 crore. Despite significant recent sales, IHC increased its stake in Adani Enterprises to over 5% in October 2023, signifying a strategic shift in the conglomerate's investment approach.
(With inputs from agencies.)
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