At a time when many institutional investors have stayed away from Adani Enterprises’ Further Public Offering (FPO) so far, Abu Dhabi-based International Holding Company (IHC) will invest AED 1.4 billion ($400 million) into the offer, through its subsidiary Green Transmission Investment Holding RSC Limited.

“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” said Syed Basar Shueb, Chief Executive Officer, IHC.

This is the second investment deal IHC has completed with Adani Group after last year’s $2-billion investment in three green-focused companies of the conglomerate, including Adani Green Energy, Adani Transmission and Adani Enterprises.

“The advantage of the FPO is the historical reference for the company’s earnings report, its management, business practices, and much data to bank on before making any investment decision,” Shueb explained.

Earlier, the anchor investor book of the FPO of Adani Enterprises was subscribed 1.5 times by 33 funds and investors. Anchor investors bid for shares worth ₹9,000 crore in the country’s largest FPO for ₹6,000 crore worth of shares up for allocation.