Abu Dhabi's IHC to invest $400 mn in Adani Enterprises' follow-on offer

Investor says it has 'confidence and belief in the fundamentals of Adani Enterprises'

Abu Dhabi's International Holding Company (IHC) has said it will invest $400 million in the further public offering (FPO) of Adani Enterprises, boosting the Indian conglomerate’s share sale plan as it battles US short seller Hindenburg Research.

IHC will make the investment through its subsidiary, Green Transmission Investment Holding RSC Ltd. The investment comes on a day when Adani Enterprises' shares recovered after two days of bear hammering to close 4 per cent up at Rs 2,870 a share on Monday. The FPO plans to raise Rs 20,000 crore and will close Tuesday. Hindenburg’s report last week pulled down the