Abu Dhabi-based International Holding Company (IHC) is offloading its stakes in two Adani Group subsidiaries, IHC said in a disclosure to the ADX last week. The decision, which IHC said is part of its “portfolio rebalancing strategy,” will see two of its subsidiaries — Green Energy Investment Holding and Green Transmission Investment Holding — “dispose of” their minority stakes in Adani Green Energy and Adani Energy Solutions to an undisclosed buyer. The value of the transactions was not undisclosed.

The nitty gritty: Green Energy Investment is selling its 1.26% stake in Adani Green, while Green Transmission is selling its 1.41% holding in Adani Energy Solutions, according to Reuters. The move slashes IHC’s exposure to Adani by 50%, the Financial Times notes.

The move comes just 18 months after IHC invested in Adani, while the Indian company continues to battle fraud allegations, after US short-seller Hindenburg Research accused the group of accounting fraud and stock market manipulation earlier this year. While Adani has denied the allegations, the report triggered a sell-off worth USD 150 bn from the combined stock market value of Adani's 10 listed companies.