New Delhi, Oct 16 (PTI) Billionaire Gautam Adani’s conglomerate deferred a USD 1.2 billion bond offering to post US elections due to weak market conditions, sources said.
Units of Adani Green Energy Ltd, the conglomerate’s clean-energy business, were to offer a 20-year green note on Tuesday but deferred it at the last minute.
Sources in know said Adani Green launched the IG-rated Hybrid RG notes, but after careful consideration decided to defer it to post US elections, to achieve a much tighter pricing and overall outcome.
Some uncertain developments in connection with US elections have led to the deferment of the dollar bond issuance, they said.
Adani Green felt it would not be the best outcome from overall pricing standpoint, as compared to other options available immediately i.e onshore bonds, bank financing.
Proceeds from the proposed bond will be used to repay foreign-currency loans.
The launch had got a positive response but the company decided to defer to better market conditions to achieve tighter pricing.
The company is considering two windows immediately after the US elections or second week of January 2025 after the new year break, sources said.
The Hybrid RG comprises 1,840 MW operational wind solar hybrid assets, with an IG rating from Fitch and Moody’s ratings. This is one of the strongest credits from the Indian renewables market. PTI ANZ DRR
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.