Adani Group’s flagship company Adani Enterprises’ share price jumped back in the black early on Wednesday, halting its three-session losing streak.
What Happened: The stock is upbeat today after Abu Dhabi-based IHC Capital Holding LLC increased its stake in to over 5%. Through its subsidiary, Green Vitality Rsc Ltd, along with affiliated companies Green Enterprises Investment Holding Rsc Ltd and Green Energy Investment Holding Rsc Ltd, IHC acquired an additional 0.06% stake in the Indian firm. This acquisition has brought their combined ownership in the Gautam Adani-led company to 5.04%.
The investment comes just days after IHC announced its intention to divest its investments in Adani Green Energy Ltd. and Adani Energy Solutions Ltd. (formerly Adani Transmission) as part of its broader portfolio rebalancing strategy.
See Also: Top 10 Richest People In India In October 2023
Talking about the investment, an Adani Group spokesperson said that the conglomerate was “delighted” with IHC’s decision to raise stakes in Adani Enterprises. “We see IHC's increased stake as a ringing endorsement of our robust capex plans, governance and transparency,” the spokesperson added in a statement.
In January, IHC had committed $400 million (₹3,260 crore), to Adani Enterprises’ ₹20,000-crore follow-on public offering, which was subsequently shelved after the Hindenburg report came out.
Price Action: Adani Ent’s share price was up 0.81% to trade at ₹2,406.50 as the opening bell rang on Wednesday.
Read Next: 5 Lessons FrontRow Co-Founder Learnt From The Edtech Firm’s Rise And Fall
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.