AHMEDABAD, India, Oct 5 (Bernama-BUSINESS WIRE) — Abu Dhabi-based IHC has increased its stake in the Adani Group’s flagship incubator Adani Enterprises Ltd (AEL) to above 5%, it said on October 3, 2023. IHC has been buying the stock over the past few months from the open market; the value of its holding is more than USD 1.7 billion, as per Wednesday’s closing price.
IHC first invested in the company in May 2022, buying 3.53% for USD 1 billion. The value of this now stands at USD 1.2 billion. The fund increased its holding to 5.04% through open market purchases; this incremental investment is worth more than USD 500 million.