IHC, ADIA among bidders for Adani’s $2.5 billion share sale

Mubadala Investment Co PJSC,

SA have also bid, the people said, asking not to be identified as the details aren’t public. The so-called anchor book for . was oversubscribed by 1.8-2 times, the people added.

Commitments from global firms will be finalized Wednesday and bids for smaller potential investors run Jan. 27-31. The intention to buy into the empire run by Asia’s richest man comes as US-based Hindenburg Research took a short position on the conglomerate alleging financial improprieties.

Abu Dhabi-based IHC, which invested almost $2 billion in Adani’s companies last year, wants to buy the largest chunk of around $200 million in this share sale, according to one of the people. Others have put in bids ranging from $25 million to $50 million, the person said. Indian institutions including

, Co. have also bid for shares, the people familiar said.

A representative for ADIA declined to comment. Emails to the media representatives of IHC, Mubadala and BNP weren’t immediately answered.

and didn’t immediately respond to calls and emails seeking comment. A representative for didn’t immediately comment.

The share sale has been priced at a discount as Adani aims to woo India’s mom and pop investors. Broadening his investor base would silence critics who highlight his group’s thinly-traded stocks and rising debt. The ports-to-power conglomerate has been on a breakneck expansion spree diversifying into cement, media, airports and data centers among other sectors.