India’s Adani Enterprises, the flagship firm of Adani Group, plans to launch its first-ever public issue of bonds in the coming weeks to raise up to 6 billion rupees ($71.7 million), two sources aware of the development said on Tuesday.
“The company has already filed a draft prospectus with Securities Exchange Board of Indian (SEBI). So the issue should open in mid-August after the final approval,” one of the sources said on condition of anonymity as the person is not authorised to talk to media.
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Adani Enterprises had decided not to proceed with a debut retail bond offering of up to 10 billion rupees last year after U.S.-based short-seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation.
Adani Group denied Hindenburg’s allegations, but shares of its group companies lost more than $100 billion in value before recovering in late 2023.
Last week, the company informed the exchanges that it had filed a draft prospectus with the market regulator, and the public issue will have a base size and a greenshoe option of 3 billion rupees each.
CareEdge has assigned an A rating to Adani Enterprises’ bonds.
Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management are the lead arrangers for the issue, the sources said.
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Adani Group and the lead arrangers did not immediately respond to Reuters’ email seeking comment.
Since the Hindenburg report in January 2023, Adani Group companies have raised more than $670 million through listed rupee bonds and one dollar bond.
On Monday, Reuters reported that Adani Energy Solutions is likely to launch a share sale this week to raise more than $600 million.
The sale of existing shares will be Adani Group’s first fundraise from equity markets after a $2.5 billion share sale was scrapped in February 2023.