Adani Enterprises Shares Soar 5% After IHC Investing; Adani Total, Adani Green, Adani Wilmar Extend Drop

Adani Enterprises rose 5.26 percent to hit a high of Rs.3,030 after Abu Dhabi’s IHC announced it would invest $400 million (Rs.3.2 billion) into Adani Enterprises’ FPO through its subsidiary Green Transmission Investment Holding invest.

Adani’s Shares’ Adani Power hit its bottom 5 percent mark at Rs 223.90. Adani Transmission fell 4.67 percent to Rs.1,630.25. Adani Green lost 7.8 percent to Rs.1,095.05. Adani Total Gas fell 10 percent to Rs.2,112.90.

Adani’s Shares, Adani Enterprises rose 5 percent in trading on Tuesday after International Holding Company (IHC) announced a Rs 3.2 billion investment in the subsequent public offering (FPO) of Adani Group’s flagship. Adani Ports & SEZ traded flat as exchanges asked the company for clarification on reports suggesting Adani Group was considering a buyback offer. Other Adani shares such as Adani Total Gas, Adani Green, Adani Transmission as well as Adani Wilmar and Adani Power continued their recent declines.

Shares of Adani Enterprises rose 5.26 percent to hit a high of Rs.3,030 after Abu Dhabi’s IHC announced it would invest $400 million (Rs.3.2 billion) in the FPO of Abu Dhabi through its subsidiary Green Transmission Investment Holding to invest in Adani Enterprises. IHC said it will take 16 percent of Adani Enterprises’ $2.5 billion FPO.

IHC’s announcement came later Wednesday before the paper’s closing. The FPO has so far received a 3 percent share. Traders who track the FPO said the issue can still be resolved if the store gets at least 90 percent of the bids. The flagship of the Adani Group relies on long-term and strategic institutional investors for the issue in order to obtain the necessary underwriting. It has already raised Rs 5985 crore by allocating shares to anchor investors.

Adani Shares, Adani Power hit its bottom 5 percent mark at Rs 223.90. Adani Transmission fell 4.67 percent to Rs.1,630.25. Adani Green lost 7.8 percent to Rs.1,095.05. Adani Total Gas fell 10 percent to Rs.2,112.90. Adani Wilmar fell 5 percent at Rs.466.90. The ACC of the group’s other shares remained flat at Rs 1,911 ahead of quarterly earnings.

In the case of Adani Ports, Adani shares fell 0.80% to Rs.592.10. BSE has asked the company to clarify a press report suggesting that the Adani Group is planning a Rs 3,000 crore buyback of Ambuja Cements and Adani Ports. Ambuja Cements rose 2.25 percent to Rs.396.15.