Billionaire Gautam Adani's conglomerate is in talks with global banks to raise at least $1.5 billion through dollar bond sales, a further indicator of the group's rebound from a short seller attack.
Proceeds would be used to refinance project debt, according to people familiar with the plans, who requested anonymity to discuss private details. Adani Group aims to complete the sales in multiple tranches by the end of February, two of the people said.
Bonds would mainly be issued under the Adani Green Energy Ltd. and Adani Energy Solutions Ltd. units and through special purpose vehicles, according to the people.
The plans include sales of green or sustainability-linked instruments, and discussions are ongoing with more than 10 banks, including in Japan, Europe and the Middle East, they said.
Adani Group didn't immediately respond to a request for comment.
The conglomerate returned to the dollar bond market in March for the first time since a report by short seller Hindenburg Research in early 2023 which made accusations of fraud and stock manipulation. Adani has repeatedly denied the claims, and market regulator SEBI has also issued a clean chit to the group.
Prices of the 18-year notes Adani sold earlier this year have steadily declined in the secondary market since issuance, trading at around 96 cents on the dollar on Thursday.
Indian companies have priced the highest amount of dollar debt in three years in 2024, raising almost $10 billion, data compiled by Bloomberg shows. Firms are likely to raise at least $4 billion more through the rest of this year, according to JPMorgan Chase & Co.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Featured Video Of The Day
"From Chandrayaan To Gaganyaan, Not Nervous": ISRO Chairman To NDTV
Adani Enterprises' 1st Retail Bond Fully Subscribed Adani Green And TotalEnergies Form Joint Venture For Khavda Solar Projects Adani Group To Further Invest Rs 3,500 Crore In Madhya Pradesh: Karan Adani Amid #MeToo Wave, Actor's "Groomed Me As Sex Slave" Charge Against Director "Stay Silent In India Till...": Muhammad Yunus' Message To Sheikh Hasina "If You Don't Like India...": Delhi High Court's Tough Talk For Wikipedia CBSE Sends Showcause Notices To 27 Schools Over 'Dummy' Enrollments After Ganderbal, Omar Abdullah Files Nomination From Budgam AAP Alliance, No CM Face: Decoding Congress's Haryana Strategy Track Latest News Live on NDTV.com and get news updates from India and around the world.