IHC Capital Holding, based in Abu Dhabi, has divested over 8.4 million shares in India’s Adani Enterprises, amounting to ₹18.32 billion ($210 million), through open market transactions. The sale, executed via IHC’s subsidiaries Green Vitality RSC and Green Energy Investment Holding RSC, represents a 0.73% stake in Adani Enterprises, with shares sold at an average price of ₹2,168.10 each, according to Bombay Stock Exchange data.
On the same day, Envestcom Holding RSC, another Abu Dhabi-based entity holding stakes in Adani Total Gas and Adani Energy Solutions, acquired approximately 8.44 million shares in Adani Enterprises at a similar price per share.
This transaction occurs against the backdrop of legal challenges facing Gautam Adani, founder and chairman of the Adani Group. In November 2024, US federal prosecutors indicted Adani and seven senior executives on charges including conspiracy to violate the Foreign Corrupt Practices Act, securities fraud, and obstruction of justice. The indictment alleges a scheme involving over $250 million in bribes to Indian government officials to secure favourable energy contracts, with profits projected to exceed $2 billion. The defendants are also accused of misleading U.S. investors while raising over $3 billion through loans and bond offerings.
In response, the Adani Group has denied the allegations, labelling them as “baseless,” and stated that the accused executives plan to address the charges legally. The Indian government has indicated that it has not received any requests from US authorities regarding the case, viewing it as a legal matter between private entities and the US Department of Justice.
The indictment has led to significant political and financial repercussions, including disruptions in the Indian Parliament, where opposition parties demand a probe into Adani’s firms, accusing the government of shielding the conglomerate. Additionally, international projects involving the Adani Group have faced cancellations; notably, Kenya terminated deals valued at over $2.5 billion following the indictment.
Despite these challenges, the Adani Group continues its operations, recently raising $1.06 billion to refinance debt for a project in Rajasthan. This marks the company’s first significant fundraising effort since the indictment, reflecting its ongoing efforts to maintain financial stability amid legal scrutiny.
The developments surrounding IHC’s stake sale and the legal issues facing the Adani Group underscore the complex dynamics influencing investor confidence and the operational landscape of one of India’s largest conglomerates.
