Investment management firm IHC through its affiliate Envestcom Holding RSC Ltd offloaded nearly 2.2 crore equity shares, representing a 1.83 per cent stake in Adani Energy Solutions Ltd (AESL), as per the bulk deal data available on the BSE and NSE.
The shares were sold at an average price of Rs 790 apiece, taking the combined deal value to Rs 1,736.73 crore.
After the stake sale, Envestcom Holding’s shareholding in AESL has come down to 0.85 per cent from 2.68 per cent.
Details of the buyers of Adani Energy Solutions’ shares could not be ascertained on the exchanges.
In March this year, IHC sold 84.49 lakh shares in Adani Enterprises for around Rs 1,800 crore. The sale was executed through its two entities — Green Vitality RSC and Green Energy Investment Holding RSC. However, the stake was acquired by another arm of IHC Envestcom Holding RSC. IHC through its affiliates holds stakes in Adani companies such as Adani Total Gas, AESL and the flagship firm Adani Enterprises.
In 2022, IHC invested around USD 2 billion in Adani Green Energy, Adani Transmission, and Adani Enterprises. According to reports, in September 2023, IHC announced that its subsidiaries had agreed to sell their investments in Adani Green Energy and Adani Energy Solutions.
However, in October 2023, the Abu Dhabi-based IHC hiked its stake in Adani Enterprises to over 5 per cent, just after exiting the two other group companies.
Established in 1999, IHC is the most valuable holding company in the Middle East, with a market capitalisation of AED 879.6 billion (USD 239.3 billion).
