Adani Ports, Adani Airport Holdings in talks to raise upto ₹1,500 crore each from bond market: Report
Adani Ports and SEZ and Adani Airport Holdings, the two Adani Group companies are in talks with merchant bankers to raise upto ₹1,500 crore each through local currency bonds, Reuters reported. These two companies are likely to be the first in Adani Group to tap the bond market as a part of the billionaire Gautam Adani led-ports-to-power conglomerate’s plan to raise ₹10,000 crore in FY24, the Reuters report added quoting a company official and bankers.
These companies are likely to issue up-to-five-year bonds as soon as September, the sources told the media agency. Moreover, Adani Enterprises and Adani Electricity Mumbai are also mulling possible debt issues, the report added.
“The (Adani) group is testing investors' appetite for its securities and will tap the market only when there will be a comfort of demand," one of the sources told Reuters. However, the report added that the plans will be finalised only after the markets regulator Securities & Exchange Board of India (SEBI) submits its report on its investigation into Hindenburg's allegations, likely by Monday.
“Post that, all these fundraising plans may start getting finalised as initial talks have already started," the report quoted sources. The fundraising is a part of the Adani group's return to the local bond markets after a hiatus since January when a report by US short-seller Hindenburg Research raised concerns over corporate governance in the group that led to a sharp selloff in the Adani group stocks.
Adani Group, however, at times has denied these allegations. Catch Live Market Updates here
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