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DUBAI: Abu Dhabi conglomerate International Holding Company on Monday said it will invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises’ follow-on public offer.

The Indian conglomerate owned by Asia’s richest man, Gautam Adani, has faced a deepening market rout that has led to losses of $65 billion in the group’s stock values after Adani’s rebuttal of a U.S. short-seller’s criticism failed to pacify investors.

“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” IHC CEO Syed Basar Shueb said in a statement.

Adani firms lose $65bn in value as US short-seller battle escalates

IHC invested $2 billion in Adani Group companies last year, including Adani Enterpsies.

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SAMIR SARDANA Jan 31, 2023 03:34am
2ND LEG IS THE "OPERATIONAL SUCCESS" OF FUTURE PROJECTS. BET IS THAT CORRUPTION ALLEGATIONS WILL SLOW DOWN NEW PROJECTS AND CRASH CASH FLOW PROJECTIONS,AND SO SHARE PRICES 3RD LEG IS THE REGULATORY TRAP,ON "RELATED PARTIES" AND INVESTIGATIONS, WHICH WILL PLACE SHARE TRADING CURBS
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