The Adani Group is reportedly in talks to raise $1.8 billion (₹15,000 crore) from domestic bond sales as the company looks to cash in on higher investor confidence in the Gautam Adani-led conglomerate.
What Happened? The company will raise the mountain in small lots through a mixture of listed and unlisted bonds, Bloomberg reported, citing sources.
The Adani Group is expecting strong quarterly results from its group of companies to reinstill confidence in the company after allegations of financial misconduct levelled by US-based short seller Hindenburg Research in January eroded faith in the company, leading to a dip in the share prices of Adani stocks.
Two of the group’s firms, Adani Green and Adani Energy Solutions (formerly Adani Transmission), posted spurts in profit for the June quarter on Monday.
It has been reported for a while that the Adani Group is looking to jump back into domestic and global bond markets sooner rather than later. Reports suggest that the company is actively seeking to refinance some of its debt, and several companies within the group have raised equity in recent months.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.