According to people familiar with the situation, Middle Eastern investors, including International Holding Co PJSC (IHC) and Abu Dhabi Investment Authority, are competing to purchase stock in the $2.5B follow-on share sale floated by Indian billionaire Gautam Adani’s flagship. It was also claimed that Mubadala Investment Co. PJSC and BNP Paribas SA had also submitted an offer.
According to the sources, the so-called anchor book for Adani Enterprises Ltd. was oversubscribed by 1.8 to 2 times. Global corporate commitments were scheduled to be formalised yesterday, while smaller potential investors’ bids are being accepted from January 27 through January 31, according to the Star. The decision to invest in the empire built by Asia’s wealthiest man comes as US-based Hindenburg Research, which alleges financial irregularities, has taken a short position in the firm.
According to the report, Abu Dhabi-based IHC, which invested over $2B in Adani’s businesses last year, intends to purchase the largest portion of this share sale, or around $200M. The source claims that other parties have submitted proposals between $25M and $50M.
