Qatar Investment Authority is said to have bought $500 million worth of shares in Adani Green Energy Ltd., the Economic Times newspaper reported, as the embattled power-to-port conglomerate seeks international backing in a bid to recover from a scathing shortselling attack earlier this year.
(Bloomberg) — Qatar Investment Authority is said to have bought $500 million worth of shares in Adani Green Energy Ltd., the Economic Times newspaper reported, as the embattled power-to-port conglomerate seeks international backing in a bid to recover from a scathing shortselling attack earlier this year.
QIA’s purchase was likely made through a block deal that has seen around 3% stake of Gautam Adani’s green energy arm sold on Monday, ET reported, citing people it didn’t identify.
An Adani Group representative did not immediately respond to Bloomberg request for comment.
The latest QIA investment would serve as a vote of confidence for Adani, who has been attempting a comeback from the crisis triggered by Hindenburg Research. The US-based short seller in January leveled fraud allegations against Adani Group, which has denied any wrongdoing. It would also mark another major investment into the Indian tycoon’s conglomerate after GQG Partners.
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