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Bond Market News

Abu Dhabi’s IHC to Invest $2bn in Adani’s Green Portfolio

April 11, 2022

Abu Dhabi’s IHC (International Holding Company) has agreed to invest AED 7.3bn ($2bn) in three companies of the Indian conglomerate Adani Group. The three listed companies of the group that IHC will invest in are Adani Green Energy Ltd. (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL). IHC will invest INR 38.50bn ($510mn) in AGEL, INR 38.50bn ($510mn) in ATL and INR 77bn ($1bn) in AEL via a preferential allotment. The transaction is expected to be completed in a month and the investment is subject to shareholder and regulatory approvals. The proceeds will be used for the growth of the respective businesses, further strengthening their balance sheets, and for general corporate purposes.  All of these three businesses have the core aspects of ESG into their operations, notes Reuters. IHC said that these are long term investments and is confident that the Adani companies will play a significant role in India’s total green energy potential, reflecting positively for IHC’s shareholders.

Adani Green’s dollar bonds were almost unchanged with its 6.25% 2024\ at 101.38 yielding 5.68%.

For the full story, click here

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