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The Indian billionaire Gautam Adani's group is negotiating to issue $500 million in dollar notes, the company's first foreign offering since a US short seller's report last year raised doubts about its capacity to refinance debt.
According to sources familiar with the situation, Adani Green Energy Ltd. is in talks with a group of global banks, including a US firm, about the intended sale. They asked not to be identified because the matter is confidential. The transaction terms, which is anticipated to happen later this year, have not yet been finalised.
The conglomerate’s finances have drawn close scrutiny ever since Hindenburg Research accused it of fraud and stock manipulation, claims Adani has repeatedly denied. The bombshell report triggered a rout in the group’s shares and bonds, suggesting it would have to pay dearly when next raising capital.
While talks to refinance debt taken out to purchase Ambuja Cements Ltd. and ACC Ltd. stalled after the allegations were made public in January 2023, Adani successfully completed the $3.5 billion funding package later in the year.
The sprawling ports-to-power empire has trimmed debt, pared founders’ share pledges and landed major projects over the past year, helping to rebuild confidence among investors and lenders. Its stocks and bonds have recouped losses, and the group also won fresh equity capital from marquee investors, including GQG Partners LLC. and Qatar Qatar Investment Authority.
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