Adani Ports, Adani Green, Adani Transmission: Adani shares in focus amid report of $2 billion fundraising plan

Shares of three Adani group companies namely Adani Green Energy, Adani Transmission and Adani Ports & SEZ are in focus on Thursday morning after a media report quoting sources suggested that the group may revisit global bond markets by September to raise up to $2 billion via sustainability-linked and green bonds.

In May, a Bloomberg report suggested that Adani Green Energy, Adani Transmission and Adani Enterprises could raise between $3 billion and $5 billion, citing people familiar with the matter. Abu Dhabi-based International Holding Co, which invested almost $2 billion in Adani companies, did not plan to take part in any potential share or bond sales, IHC's spokesperson Ahmed Ibrahim had told Reuters in May.

Adani group has been in news of late as the group announced completion of its prepayment programme, aggregating $2.65 billion. The group had went on deleveraging drive in an attempt to win back investor trust post a scathing report by the US short seller Hindenburg Research.

The group said its combined net debt-to-Ebitda ratio decreased from 3.81 in FY22 to 3.27 in FY23 and run rate Ebitda surged from Rs 50,706 crore in FY22 to Rs 66,566 crore in FY23. Cash balance at listed portfolio is now up 41.5 per cent at $4.75 billion, or Rs 40,351 crore, said the conglomerate as part of its credit update for FY23.

The group achieved a key milestone in its $300-million foreign currency sustainability-linked bonds raised by Adani Electricity Mumbai Ltd (AEML) in 2021. AEML, which is Adani Transmission Ltd's distribution arm, raised the bonds as part of its $2-billion global medium-term notes program, ET reported.

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