Big blow to Adani, this 'shark' of UAE will sell his shares in two companies

The Hindenburg Report came out in the month of January. In which many allegations were made against Adani Group like stock manipulation and accounting fraud. After which a big fall was seen in the shares of Adani Group companies. Adani Group's market cap suffered a loss of $147 billion.

Gautam Adani is not doing well. Adani Group needs investment. Which is not being found accordingly. On the other hand, big foreign companies have now started increasing their distance from Adani Group. One such fresh case has come to light. Big UAE groups have decided to withdraw their investments from two companies of Adani Group. A foreign company has also found a buyer for the investment value of more than Rs 3300 crore. Whose complete information has not been given yet. Let us also tell you who is the big shark of UAE who has given a big blow to Adani Group.

In fact, while giving information on Thursday, UAE Abu Dhabi Group International Holding Company (IHC) said that it is completely selling its stake in two companies of Adani Group of India. This step has come at a time when the fight against allegations of fraud in the business of billionaire Gautam Adani continues. Foreign investors like IHC have supported Adani Group in the face of allegations raised by American short-seller Hindenburg Research in January. Adani Group was accused of stock manipulation, accounting fraud and being buried in heavy debt. Adani Group has denied all the allegations and the Indian market regulator is investigating the matter following the order of the Supreme Court.

signed an agreement with the buyer

IHC is one of the largest companies in the UAE, with a market cap of over UAE$235.98 billion. Giving information to the stock exchange, the company said that its subsidiaries have entered into an agreement with a buyer for the “settlement” of their foreign direct investments in Adani Green Energy and Adani Energy Solutions. The name of the buyer has not been announced by the company. On the other hand, no official statement has come from Adani Green Energy and Adani Energy Solutions.

What is the stake of IHC?

As part of IHC's “portfolio rebalance strategy”, its subsidiaries Green Energy and Green Transmission will sell their 1.26 per cent stake in Adani Green and 1.41 per cent stake in Adani Energy Solutions, respectively, according to Bombay Stock Exchange data. At present the value of investment in both the companies is estimated at Rs 3327 crore. IHC said in a statement to Reuters that the company's disclosure to the market is in line with its strategy to rebalance its investment portfolio.

There was loss after Hindenburg report

A few days after the Hindenburg report was published, IHC Group expressed its confidence in Adani Group. At that time, IHC had announced an investment of $381 million in Adani Enterprises' $2.5 billion follow-on share sale. But later Adani Group withdrew the FPO. At that time, after the Hindenburg report, there was a big fall in the shares of Adani Group companies. Adani Group's market cap suffered a loss of $147 billion.