Abu Dhabi’s Int’l Holding Co to invest $400m in Adani Enterprises’ follow-on share sale

Abu Dhabi's International Holding Co (IHC) has announced it will invest about $400 million in the Gautam Adani-led Adani Enterprises' follow-on share sale.

This development comes after the steep fall in share value of the conglomerate following the report of American short seller Hindenburg Research which accused the Indian company of stock manipulation.

Follow-on shares are those that a public company issues after their initial public offering.

"We see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement.

The IHC is led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE's national security adviser and brother to the Emirates' president.

Gautam Adani, 60, was third richest man in the world till a day before Hindenburg Research came out with its report on January 24, flagging concerns about its debt levels and alleged stock manipulation, accounting fraud and the use of tax havens. Adani has since slipped to eighth position.