Adani in talks to raise Rs 15k crore from domestic bond sales

Billionaire Gautam Adani’s conglomerate plans to tap the bond market to raise up to Rs 15,000 crore ($1.8 billion) this financial year as it gears up local-currency debt sales since damaging allegations were made by a US short seller earlier this year, according to people familiar with the matter.

The notes would likely be sold in small Rs 500 crore to Rs 1,000 crore lots of listed and unlisted bonds to meet capital expenditure requirements, said the people, who asked not to be identified because the plans are private. Adani Ports, Adani Electricity Mumbai, Mumbai International Airport, Navi Mumbai International Airport and Adani Enterprises are among the group’s firms that may issue first, the people said. The plans will likely gather steam in two months and the amount eventually raised could be double the initial size, one of the people said.
However, the deliberations are still progressing and have not yet been finalised, according to the people. An Adani spokesperson didn’t immediately respond to a request for comment. Adani‘s plans are aimed at shoring up investor confidence after months of damage control following Hindenburg’s January report.