PHOTO
Abu Dhabi-based International Holding Co. (IHC), which invested 1.4 billion dirhams ($400 million) in Adani Enterprises Ltd.’s Follow-On Public Offer (FPO), confirmed that the invested funds have been transferred back into its account following the cancellation of the share sale by the Indian conglomerate.
The Adani group abandoned its flagship company's $2.5 billion stock offering after losing billions as shares plunged after US short seller Hindenburg Research accused the companies' billionaire-owner Gautam Adani of market manipulation and fraud.
The conglomerate's market losses amount to more than $100 billion and have set off worries regarding potential systemic impact.
IHC, an anchor investor in the FPO, said in a statement on Thursday to Abu Dhabi's ADX exchange where its shares trade, that the decision by Adani to pull the flotation isn't unique and "we understand floats get pulled for various reasons..."
(Writing by Brinda Darasha; editing by Seban Scaria)
