Middle Eastern investors, including International Holding Co PJSC and Abu Dhabi Investment Authority, are bidding for a follow-on share sale worth $2.5 billion in Gautam Adani’s flagship company, according to people familiar with the matter.

Mubadala Investment Co PJSC and BNP Paribas SA have also made bids, the people said, asking not to be identified because the details have not been made public. The people added that Adani Enterprises Ltd’s so-called anchor book was 1.8-2 times oversubscribed.

Commitments to global firming will be finalized on Wednesday, with bids from smaller potential investors due to take place between January 27 and 31. The intention to buy the Adani Enterprises FPO came as US-based Hindenburg Research took a short position in the conglomerate, alleging financial misconduct.

According to one of the people, Abu Dhabi-based IHC, which invested nearly $2 billion in Adani’s company last year, is looking to buy the most significant tranche of about $200 million in the stake sale. The person said other bids ranged from $25 million to $50 million. Indian institutions, including Life Insurance Company of India and SBI Life Insurance, also bid for the stake, the people said.

Shares are being sold at a discount as Adani aims to attract retail investors in India. Broadening his investor base will silence critics highlighting his conglomerate’s thinly traded shares and mounting debt. The ports-to-power conglomerate has been expanding like crazy, with ventures into cement, media, airports and data centres, among other things.