International Holding Company (IHC) of Abu Dhabi has decided to leave two Adani group energy companies one year and five months after it checked into them.
Last week, it said its two subsidiaries, Green Energy Investment Holding and Green Transmission Investment Holding, have signed an agreement with a buyer to dispose of their investments in Adani Green Energy and Adani Energy Solutions (formerly known as Adani Transmission).
IHC didn’t disclose the name of the buyer to whom it will sell its interests.
Based on the Indian company's closing price of Rs 1,012 on the BSE, Green Energy owns 1.3% of Adani Green, which is valued at £201.9 million. According to the BSE closing price of Rs 830, Green Transmission owns 1.4% of Adani Transmission, which is valued at £130.5 million.
IHC invested £385 million in each of Adani Green and Adani Transmission in April 2022.
The agreements suggest that IHC will be losing money when it sells its stakes in two Adani group energy companies.
It will clock a loss of £183.1 million and £254.5 million in Adani Green and Adani Transmission, respectively.
IHC, which was established by Abu Dhabi to foray into non-oil sectors, attributed the sale of its Adani Green and Adani Transmission shares to “portfolio rebalancing strategy”.