UAE’s IHC considering bid for stake in Adani Enterprise

UAE’s IHC considering bid for stake in Adani Enterprise

Dubai: UAE conglomerate International Holding Company is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises’ Rs200 billion ($2.45 billion) follow-on sale of shares that began on Wednesday, the company’s spokesman said. “IHC is considering the opportunity of bidding for stock purchase in the Adani Enterprise FPO (follow-on public offer). However, should anything materialise, IHC will inform the market as per the governance rules and regulations,” IHC spokesman Ahmad Ibrahim told Reuters. Bloomberg News earlier reported, citing people familiar with the matter, that IHC was among bidders for the FPO, along with sovereign funds Abu Dhabi Investment Authority and Mubadala, as well as BNP Paribas. The so-called anchor book for Adani Enterprises Ltd was oversubscribed by 1.8-2 times, Bloomberg said, citing sources. Commitments from global firms will be finalised on Wednesday and bids for smaller potential investors run January 27-31. Abu Dhabi-based IHC, which invested almost $2 billion in Adani’s companies last year, wants to buy the largest chunk of around $200 million in this share sale, Bloomberg said, citing a source. Others have put in bids ranging from $25 million to $50 million, the person said. Indian institutions including Life Insurance Corporation of India, SBI Life Insurance Co. have