Adani group in talks to raise $1.8 billion from bond sales: Report

livemint.com:

₹150 billion in the financial year 2023-24. The Adani Group is gearing for local-currency debt sales as reported by Bloomberg. This debt sales will be the first since damaging allegations were made by Hindenburg Research earlier this year, according to people familiar with the development as cited by Bloomberg.

The people told Bloomberg that the notes would likely be sold in small 5 billion to 10 billion rupee lots of listed and unlisted bonds to meet capital expenditure requirements. The people asked not to be identified as the plans are private as of now. Adani Ports and Special Economic Zone Ltd., Adani Electricity Mumbai Ltd., Mumbai International Airport Ltd., Navi Mumbai International Airport Ltd.

and flagship Adani Enterprises Ltd. are among the group’s firms that may issue first, the people said. The plan is likely to gather pace in the coming two months and the amount raised can be double the initial size,one of the people said to Bloomberg.However, the deliberations are still progressing and have not yet been finalized, according to the people.

An Adani spokesperson didn’t immediately respond to a request for comment to Bloomberg. Adani’s plans are aimed at shoring up investor confidence after months of damage control following Hindenburg Research’s January report detailing alleged years-long corporate malfeasance, which sent the group’s stocks and bonds tumbling. The conglomerate has denied the US short seller’s accusations and Adani Enterprises earlier this month raised 12.5 billion rupees through a sale of Indian bonds.