UAE investors International Holding Co. (IHC), Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Co. are bidding to buy stock in the $2.5 billion follow-on share sale floated by Indian billionaire Gautam Adani’s flagship, Bloomberg reported on Wednesday, citing unnamed sources.

BNP Paribas SA have also bid and the anchor book was oversubscribed by nearly 2X, the report said.

Adani Enterprises Ltd. is planning a $2.5 billion follow-on offer later this month. Earlier on Wednesday, Hindenburg Research, a US short-seller, said it held short positions in Adani Group, accusing the conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels. Adani Enterprises shares were trading over 3% lower today. 

(Writing by Brinda Darasha; editing by Seban Scaria)