Abu Dhabi-based International Holding Company IHC announced it will sell its stake in two of India’s Adani Group companies.
The IHC is UAE’s largest publicly traded company worth more than 235.98 billion USD.
IHC’s move comes as billionaire Gautam Adani’s business is defending against fraud allegations.
“Overseas investors such as the IHC have backed Adani in the face of allegations raised by US short-seller Hindenburg Research in January that Adani engaged in stock manipulation, and has high debt,” Reuters reported.
The Adani Group has denied all allegations and the Indian markets regulator is investigating the case.
IHC said in a stock exchange notice that its subsidiaries have entered an agreement with an interested buyer to sell its foreign direct investment in Adani Green Energy and Adani Energy Solutions.
It did not disclose the name of the buyer. The IHC’s step aligns with its strategy to rebalance its investment portfolio, IHC said in a statement.
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