Adani Green Energy likely to tap US dollar bond market
MUMBAI: India’s Adani Green Energy is likely to raise US$500mil by issuing US dollar bonds in March, two officials aware of the plans say, making it the first Adani group company to return to the overseas bond market in a year.

“The company is doing the groundwork and talking to investors to get a sense on pricing,” said a foreign banker, who is a part of the discussions.

“Once there’s more clarity on pricing and demand, they will finalise the details and tap the market,” the banker said.

Part of Indian billionaire Gautam Adani’s ports-to-power conglomerate, Adani Green is likely to use some of the proceeds from the proposed bond issue to refinance existing debt that will mature this year, the officials said.

Both the officials and the banker spoke on condition of anonymity as they are not authorised to speak to the media.

Adani Group did not respond to Reuters’ email seeking comment.

A report by US short seller Hindenburg Research in January last year had led to a sell-off in stocks and overseas-listed bonds of Adani group companies, forcing them to retreat from the foreign-currency bond market and buyback US$315mil of listed overseas debt securities.

Since then, most of the group’s foreign bonds are back above the levels they traded at before the Hindenburg report, giving the company comfort to look at a fresh issue of US dollar bonds.

Adani Green Energy conducted non-deal roadshows in January and reached out to investors in Hong Kong and Singapore. It will soon start roadshows for the proposed bond issue, the officials said without elaborating on the timing.

The company is in talks with foreign banks and investors and is yet to appoint arrangers for this issue, the banker said. — Reuters
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India’s Adani Green Energy is likely to raise US$500mil by issuing US dollar bonds in March, two officials aware of the plans say, making it the first Adani group company to return to the overseas bond market in a year.