read in the app
Gautam Adani and the Adani Group companies have suffered huge losses since the Hindenburg Report was published. Meanwhile, there is also good news for the Adani Group. In fact, Abu Dhabi-based investment firm International Holding Company (IHC) has a US$400 million investment (approx. IHC said in a statement Monday that through its subsidiary Green Transmission Investment Holding RSC Limited it is investing in the FPO of Adani Enterprises Explain that in one of its reports, the American financial research firm Hindenburg Research accused the Adani Group of fraud, which resulted in a huge drop in the market capitalization of the group’s companies.
What did the company say?
Syed Basar Shuaib, CEO of IHC said: “The fundamentals of Adani Enterprises Ltd. are very strong and that is why we are interested in Adani Enterprises FPO. It has long-term growth potential and can appreciate in value.” IHC has underwritten 16% of Adani Enterprises’ $2.5 billion FPO. “The benefit of an FPO is historical references to the company’s earnings reports, the company’s management and lots of data that the bank can access before making investment decisions,” Shuaib said.
A report rocked the market: 11.8 lakhcrore was lost in 3 days, a huge loss for investors
3 percent subscription
Let us tell you that IHC’s investment news came at a time when the mega FPO of billionaire Gautam Adani’s flagship company is going through a phase following heavy stock sales over the past week. According to the data filed with the stock exchanges, only 3 percent of the FPOs were still subscribed on the second day of Monday.
