2 Adani group units in talks to tap bond market to raise up to Rs 3,000 crore: Report

economictimes.indiatimes.com:

Adani group are in talks with merchant bankers to raise as much as Rs 1,500 crore ($181 million) each through local currency bonds as part of the ports-to-power conglomerate's aim to raise 100 billion rupees this financial year, a company official and three bankers said. The plans are part of the Adani group's tentative return to the local bond markets after a hiatus since January when U.S. short-seller Hindenberg Research raised governance concerns that led to a selloff in the group companies' stocks.

The group has denied these allegations.Adani Airport Holdings and Adani Ports and Special Economic Zone may tap the market first, with offerings of around 10-15 billion rupees, the bankers said. They are looking to issue up-to-five-year bonds as soon as September, said one banker directly familiar with the plans. The sources spoke on condition of anonymity as they are not authorised to speak to the media.

The Adani group did not respond to Reuters' requests for comment. «The (Adani) group is testing investors' appetite for its securities and will tap the market only when there will be a comfort of demand,» said the second banker who advises the conglomerate on local borrowings. The group's flagship Adani Enterprises as well as Adani Electricity Mumbai are also in talks for possible debt issues, the bankers said.