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Adani Enterprises Ltd., the flagship firm of Indian billionaire Gautam Adani’s group, plans to revive its first-ever public sale of bonds.
The ports-to-power conglomerate plans to raise as much as Rs 600 cr ($72 million, according to a draft prospectus. That’s lower than the Rs 1,000 cr plan it shelved last year following a market rout spurred by Hindenburg Research’s allegations of wide-ranging corporate malfeasance.
The company has hired Trust Investment Advisors, A.K. Capital Services and Nuvama Wealth Management as lead managers for the issuance.
The company’s return to raise funds through a public issuance highlights the recovery for the Adani Group, which lost more than $150 billion in market value at one point following the Hindenburg report.
The group tapped the dollar bond market in March this year for the first time after the short-seller attack. The offering by its solar energy unit Adani Green Energy Ltd. and associated firms lured bids of about $2.9 billion, seven times the size for a senior-secured-bond offering.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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