Bloomberg News earlier reported, citing people familiar with the matter, that IHC was among the bidders for the FPO, along with sovereign wealth funds Abu Dhabi Investment Authority and Mubadala, as well as BNP Paribas.

Adani Enterprises Ltd’s so-called anchor book was 1.8 to 2 times oversubscribed, Bloomberg said, citing sources.

Commitments from global companies will be finalized on Wednesday and offers for potential small investors will run from January 27-31.

Abu Dhabi-based IHC, which invested nearly $2 billion in Adani’s companies last year, wants to buy the roughly $200 million largest stake in this stock sale, Bloomberg said. , citing a source. Others made offers ranging from $25 million to $50 million, the person said. Indian institutions including Life Insurance Corporation of India, SBI Life Insurance Co. have also made an offer to buy shares, people familiar said.

The price of the stock sale has been reduced as Adani aims to appeal to Indian mother and pop investors. Broadening his investor base would silence critics who highlight his group’s thinly traded stock and mounting debt. The ports-electricity conglomerate has grown by leaps and bounds, diversifying into cement, media, airports and data centers, among other sectors.

With contributions from Bloomberg and Reuters

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