Two Adani Group firms look to raise Rs 3,000 crore via bonds, says report

11 Aug 2023 , 01:56 PM

Some sources familiar with the matter stated that two entities of India’s Adani group are negotiating with merchant bankers to raise up to Rs 1,500 crore ($181 million) each through local currency bonds as part of the ports-to-power conglomerate’s goal of raising 100 billion rupees during the current financial year.

The plans are part of the Adani group’s tentative return to local bond markets following a sabbatical since January, when U.S. short-seller Hindenberg Research raised governance concerns, causing a selloff in the group’s stocks. These charges have been refuted by Adani Group.

According to bankers, Adani Ports and Special Economic Zone and Adani Airport Holdings may enter the market first, with offerings of roughly Rs 1,000-1500 crore.

The two companies plan to issue maximum 5-year bonds in September.

Reportedly, the group’s flagship Adani Electricity Mumbai and Adani Enterprises are also in talks to raise debt via new issues.

However, plans will not be finalized until the market regulator presents its report on its investigation into Hindenburg’s allegations, which is expected to be done by Monday.

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