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Adani Group eyes $1 billion in foreign currency bonds for expansion

01 Apr , 2024   By : Debdeep Gupta

Adani Group eyes $1 billion in foreign currency bonds for expansion

Adani Group eyes $1 billion in foreign currency bonds for expansion, It Was reported on February 28 that the Adani group has embarked on a series of overseas roadshows for bondholders to bolster investor confidence around its businesses before fresh bond sales.

Adani Group is in advanced talks with investors to raise as much as $1 billion through foreign currency bonds for three group entities: group flagship Adani Enterprises as well as Adani Ports and SEZ and Adani Green Energy, people familiar with the development said.

The fundraising, which will be the largest by the Adani group from international bond markets after the Hindenburg crisis, is expected to be completed by the June quarter, and a formal process is expected to start in the coming weeks, the people said, requesting anonymity. The group is also exploring partial fundraising through the private placement route, they added.

“Of the total amount, the highest allocation will be for Adani Green Energy, the group’s renewable energy business, which has 8.4 gigawatts of operating renewables portfolio and plans to expand the capacity to 45 gigawatts by 2030, “according to one of the people cited above. “The transaction will also mark the debut fundraising of the group’s Green Hydrogen (held under Adani Enterprises) unit from foreign bond markets,” the person said.

Signaling the group’s return to the international bond markets after the Hindenburg crisis last year, Adani announced in February that it is looking to raise $409 million via dollar-denominated bonds with a door-to-door tenor of 18 years. The proceeds from the sale will be used to refinance the $500 million, 6.25 percent senior secured notes due in 2024, which were sold on June 10, 2019

According to the group’s latest corporate filings, it has a total outstanding debt of close to $9 billion in overseas bonds with maturities extending till 2041. The group last raised $750 million in April 2022 for Mumbai International Airport Ltd, a unit of Adani Airports Holdings Ltd.

Asia-based investors account for 34 percent of total bond borrowings, with US and Canada-based investors at 31 percent, followed by Europe at 31 percent and the Middle East at 4 percent. As of September 30, the group’s total assets amounted to Rs 4.48 lakh crore. The combined market cap of 10 Adani companies has more than doubled in the past year to Rs 16.22 lakh crore.

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