International Holding Company (IHC), the Abu-Dhabi conglomerate, has increased its share in Adani Enterprises Ltd (AEL) to over 5 per cent, days after it sold stakes in two other Adani companies.

It has acquired 6.43 lakh shares of the Adani group flagship from the open market, which has taken its holding up to nearly 5.04 per cent.

IHC through its Green Enterprises Investment Holding Rsc Ltd had a 3.53 per cent stake in AEL at the end of June 30, 2023, which it increased to 4.98 per cent at the end of September.

IHC’s shares are closely held by a group headed by Sheikh Tahnoun bin Zayed al Nahyan, the United Arab Emirates’ national security adviser and a brother of the country’s de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed, according to Reuters.

Royal Group, whose chairman is Sheikh Tahnoun, owns a majority stake in IHC. Tahnoun is also the chairman of IHC.

“International Holding Company has increased its stake in AEL to above 5 per cent. This strategic increase reflects IHC’s conviction in the world-leading incubation model of AEL.

“We believe the inherent strength of airports, data centres, green hydrogen and various other verticals under AEL, which is poised to capitalise on India’s robust growth journey.

“IHC continues to explore unique investment opportunities in India to maximise
stakeholders’ return,’’ the conglomerate said in a regulatory filing with the Abu Dhabi Securities Exchange.

It did not provide details on the price of buying the additional shares.

The AEL share closed at Rs 2,387.55 on the BSE on Tuesday, leading to a market cap of Rs 2.72 lakh crore. Thus, at the current market prices, its 5.04 per cent works out to nearly Rs 13,717 crore.

“We are delighted with IHC’s decision to enhance its investment in AEL, which further validates AEL’s standing as a global leader in incubating new businesses, particularly in sustainable infrastructure, developing global aviation infrastructure and equitable energy transition," a spokesperson from the Adani group said.

“We see IHC’s increased stake as a ringing endorsement of our robust capex plans, governance and transparency. This inter-generational relationship with IHC reflects well on India’s dynamic growth potential and offers substantial returns to our stakeholders,’’ the spokesperson added.

Last week, the Abu Dhabi company sold its 1.26 per cent stake in Adani Green Energy Ltd and 1.41 per cent in Adani Energy Solutions (formerly Adani Transmission), in what it said was a portfolio rebalancing exercise.