Adani's Abu Dhabi investor says FPO funds have been returned
Abu Dhabi’s International Holding Co. (IHC), which invested about $400 million in Adani Enterprises’ follow-on share sale, said the funds have been returned after the Indian billionaire pulled the deal.“While the decision to withdraw its flotation isn’t unique, and we understand floats get pulled for various reasons” the funds have been transferred back to its account, it said in a statement on Thursday. “IHC remains fully committed to being a transparent, responsible business, pursuing our strategy, and continuing our growth trajectory, as we capitalize on the opportunities ahead of us.”The funding from IHC, which is controlled by a key member of the emirate’s royal family, would have represented about 16% of the offering and would have built on an almost $2 billion investment in Adani’s companies last year.