Adani Group Returns to Dollar Green Bond Market

15 Oct 2024 , 03:06 PM

Adani group is returning to the dollar bond market for the second time this year, demonstrating the group’s improved access to finance channels following a blitz of short-seller activity.

Adani Green Energy Ltd.’s clean-energy units are promoting a green 20-year note in US dollars on Tuesday, as the company speeds up investment to increase capacity. The proceeds of the proposed bond will be used to repay foreign-currency loans, according to news reports.

The bond offer comes as the conglomerate’s flagship firm, Adani Enterprises Ltd., tries to raise approximately $500 million through a share sale to institutions.

The media-to-mining conglomerate has refocused on growth potential after recovering from a short-seller report by Hindenburg Research in 2023, which triggered a more than $150 billion drop in Adani Group stock prices.

News reports stated last month that the Adani Group may sell $1.5 billion in bonds by the end of February, mostly through its Adani Green Energy and Adani Energy Solutions Ltd. businesses and special purpose vehicles.

The Adani Green subsidiaries are marketing the dollar bond on Tuesday with initial price guidance of around 7%.

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