IHC Capital Holding, based in Abu Dhabi, has sold more than 8.4 million shares of India’s Adani Enterprises for a total of 18.32 billion rupees, equivalent to $210 million. This sale was executed through open market transactions involving IHC’s subsidiaries, Green Vitality RSC and Green Energy Investment Holding RSC, as indicated by block deal data on the Bombay Stock Exchange (BSE).

The shares sold represent a 0.73% stake in Adani Enterprises, which is the flagship company of the Adani Group led by Gautam Adani. These shares were sold on Wednesday at an average price of INR 2 168 per share. On the same day, another Abu Dhabi-based entity, Envestcom Holding RSC, acquired 8.44 million shares of Adani Enterprises, also at a similar price per share.

Gautam Adani has faced scrutiny recently, following a US court indictment in November that accused him of bribing Indian officials to secure electricity purchases from Adani Green Energy. The Adani Group has responded to these allegations, labeling them as “baseless.”