Amidst the Hindenburg report, Adani Group announces $409 mn bond sale

In line with indications of a recovery in investor confidence, Adani Group started marketing a $409 million bond in what would be its first dollar note sale following a report last year by short seller Hindenburg Research.

An individual acquainted with the subject, who wished to remain anonymous due to the matter’s confidentiality, stated that the conglomerate’s solar energy arm Adani Green Energy Ltd. and related companies are offering the 18-year note at initial price guidance in the 7.125% range, as reported by Mint.

Adani would receive its most recent boost from issuing the dollar instrument, having last year secured new equity support from investors such as GQG Partners LLC and successfully refinanced $3.5 billion in debt to fund the purchase of cement firms.

According to a January Bloomberg investigation, some of the biggest asset managers in the world, including as Neuberger Berman Group LLC, purchased Adani dollar bonds following the extraordinary sell-off.

A complicated web of opaque offshore corporations and a purported closeness to Prime Minister Narendra Modi have been questioned by critics, including opposition political parties.

The fact that banks like Deutsche Bank AG, Barclays Plc, and Standard Chartered were brought in to assist with the current bond offer indicates that big bankers are willing to work with the Indian billionaire.