BENGALURU (Reuters) -India’s Adani Group is in talks with more than 10 global banks to raise at least $1.5 billion through dollar bond sales, Bloomberg News reported on Thursday, citing people familiar with the plans.
The bonds would be issued mainly under Adani Green Energy and Adani Energy Solutions, the group’s renewable energy and power transmission units, and through special purpose vehicles, the report said.
The billionaire Gautam Adani-led group did not immediately respond to a Reuters request for comment.
The ports-to-power conglomerate will complete the sales in multiple parts by end of February next year and proceeds will be used to refinance debt, the report added.
Talks are ongoing with banks in Japan, Europe and the Middle East, the Bloomberg report said, but did not specify any names.
Meanwhile, the group’s flagship Adani Enterprises saw its first retail bond fully subscribed at its launch on Wednesday, in a test of retail demand, as the group returns to capital markets after a scathing short seller attack last year.
U.S. short seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation in January 2023, sparking a $150 billion meltdown in shares of companies in the group.
The group, which has repeatedly denied the allegations, has seen share prices of its firms recover much of the losses since then.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D’Souza and Nivedita Bhattacharjee)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.