An Abu Dhabi-based company named International Holding Co (IHC) today announced that it has subscribed to 16% of Adani Enterprises' follow-on public offer (FPO). All eyes were on the subscription to this FPO following last week's bloodbath fuelled by the Hindenburg Report. In USD terms, the value is $400 million.

"Our interest in the 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," the CEO of the IHC has been quoted as saying.

IHC will make the investment through its subsidiary Green Transmission Investment Holding RSC Limited, reports today said. "IHC invests $400 million in the Adani FPO. That pushes up the subscription levels. Still a distance to go though," tweeted business journalist Ira Dugal, commenting on the development.

The phrase "belief in the fundamentals" may be used by the Adani Group to claim that it continues to inspire confidence in investors despite the Hindenburg Report.