BENGALURU (Reuters) – India’s Adani Group is planning to raise 150 billion rupees ($1.82 billion) through the country’s bond market this financial year, Bloomberg News reported on Monday, citing people familiar with the matter.
Billionaire Gautam Adani-led conglomerate’s high debt levels were among the concerns that were flagged by U.S. short-seller Hindenburg in a report on Jan. 24, leading to the group’s companies losing around $100 billion in market value.
The notes would likely be sold in lots of listed and unlisted bonds worth 5 billion rupees to 10 billion rupees to meet capital expenditure requirements, the Bloomberg report said.
The fundraise plans will likely gather steam in two months and the amount eventually raised could be double the initial size, Bloomberg said, citing one source.
Adani Group did not immediately respond to Reuters for confirmation of the report.
Earlier this month, group chairman Gautam Adani said he was confident of the group’s governance and disclosure standards after a top Indian court panel found no lapse at the conglomerate, slamming the short-seller’s report a “malicious attempt” at damaging its reputation.
($1 = 82.2720 Indian rupees)
(Reporting by Indranil Sarkar in Bengaluru; Editing by Sohini Goswami)
