Adani’s Abu Dhabi backer says business decisions based on facts

(Bloomberg) – Abu Dhabi-based International Holding Co., which has invested nearly $2 billion in companies owned by billionaire Gautam Adani, said it has seen a surge in U.S. short-sellers’ interest in After scathing reports on the Indian tycoon’s business empire, its business decisions were based on factual Hindenburg research.

Most reads come from Bloomberg

“Our business decisions are based solely on the analysis of objective facts,” IHC spokesman Ahmad Ibrahim said in a statement to Bloomberg. This is “enhanced by the use of business intelligence and our analytical tools, which help us to maximize the interests of our shareholders under corporate governance regulations.”

Adani’s corporate empire lost more than $50 billion in market value after Hindenburg’s Jan. 17 report. Widespread allegations of corporate fraud were detailed on Monday following a two-year investigation into the tycoon’s company. Adani said it was exploring legal action following what it called “maliciously mischievous, unresearched” reports of short sellers.

“As a policy, IHC does not comment on the commercial activities of other organisations,” said IHC’s Ibrahim.

The group’s flagship Adani Enterprises Ltd. raised 77 billion rupees ($944 million) in April by issuing preferred shares to IHC, while Adani Green Energy Ltd. and Adani Transmissions Ltd. Received Rs 3,850 crore.

IHC is among Middle Eastern investors bidding for $2.5 billion in Adani shares, Bloomberg reported earlier this week. The IHC, led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security adviser and brother of the president, plans to buy the largest portion, around $200 million.

Most reads come from Bloomberg Businessweek

©2023 Bloomberg Intelligence

Source link