{"id":94359,"date":"2024-07-31T00:00:00","date_gmt":"2024-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adia-backs-adani-energy-in-secondary-share-shale\/"},"modified":"2024-07-31T00:00:00","modified_gmt":"2024-07-31T00:00:00","slug":"adia-backs-adani-energy-in-secondary-share-shale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/31\/adia-backs-adani-energy-in-secondary-share-shale\/","title":{"rendered":"ADIA backs Adani Energy in secondary share shale"},"content":{"rendered":"

The Abu Dhabi Investment Authority and Qatar Investment Authority have <\/strong>invested in Indian conglomerate Adani\u2019s power distribution arm Adani Energy Solutions\u2019 secondary share sale<\/strong>, which is worth up to USD 1 bn, alongside more than 50 other investors, two sources told Reuters<\/a>. The qualified institutional placement raised USD 700 mn, with a so-called greenshoe option for another USD 300 mn, the sources said. <\/p>\n

The details:<\/strong> The floor price for the issue was set at INR 1,027.11, at a discount to Tuesday's close of INR 1,124.9, according to a company statement cited by Reuters.<\/span><\/p>\n

Background:<\/strong> The share sale is the first since Adani was forced to scrap a separate USD 2.5 bn share sale last year following a report from US-based Hindenburg Research's accusing it of stock manipulation and tax fraud. ADIA was reportedly among the bidders<\/a> for the share sale at the time. <\/p>\n

The UAE has ties with Adani:<\/strong> Adani Energy recently partnered<\/a> with an International Holding Company subsidiary to expand smart metering in India, while another Adani subsidiary agreed to digitize India\u2019s economy through AI and blockchain with another IHC venture. <\/p>\n

OTHER ADIA NEWS-<\/p>\n

ADIA invested USD 6 mn in Indian pharma company <\/strong>Akums<\/a><\/strong> ahead of its IPO, <\/strong>acting as an anchor investor, according to Akums\u2019 bourse filing (pdf)<\/a>. Adia purchased over 736k shares for USD 6 mn, representing a 6.03% stake. Akums raised nearly USD 99 mn from anchor investors, including US asset manager BlackRock and Indian SBI Mutual Fund. <\/p>\n

Background:<\/strong>The company allocated earlier this week a total of 1.22 bn shares at INR 679 a piece (USD 8.11) for anchor investors. Public subscription opened yesterday and runs until tomorrow. <\/p>\n

ADVISORS-<\/strong> ICICI Securities Limited, Axis Capital Limited, Citigroup Global Market India Private Limited, and Ambit Private Limited are acting as the bookrunners for the share float.<\/p>\n

Adia is liking Indian pharma:<\/strong> The sovereign wealth fund was among 36 institutional investors that bought shares in Indian healthcare firm Indegene ahead of its IPO on the Bombay Stock Exchange in May<\/a>, buying 276k shares for INR 12.5 mn (c. AED 550k). A consortium comprising Adia and Swedish private equity firm EQT also offered USD 1.6 bn<\/a> to acquire Indian biopharma firm Bharat Serums and Vaccines (BSV Group) this month. <\/p>\n","protected":false},"excerpt":{"rendered":"

ADIA was reportedly among the bidders for Adani\u2019s planned share sale in 2023, which was later scrapped<\/p>\n","protected":false},"author":1,"featured_media":94360,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[368,143,7,25],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-abu-dhabi-investment-authority","tag-energy","tag-enterpriseam-uae","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"bc811455-81fb-4bbb-b631-691ff0cad3ed","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2580.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADIA backs Adani Energy in secondary share shale","related_issue":[94354],"teaser":"ADIA was reportedly among the bidders for Adani\u2019s planned share sale in 2023, which was later scrapped","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.74bcc2d3-ac5e-492d-a87e-924a928fe3e3.mp3"},"yoast_head":"\nADIA backs Adani Energy in secondary share shale - 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