UAE conglomerate IHC considering bid for stake in Adani Enterprise

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UAE conglomerate International Holding Company is considering bidding for Indian billionaire Gautam Adani-led Adani Enterprises’ $2.45 billion (200 billion rupee) 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 materialize, IHC will inform the market as per the governance rules and regulations,” IHC spokesman Ahmad Ibrahim told Reuters.

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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.

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