Gautam Adani eyeing group's first dollar bond sale since Hindenburg

Gautam Adani is reportedly in talks to raise about $500 million via dollar bonds, his group's first overseas issuance since the bombshell by US short seller Hindenburg last year. 

A Bloomberg report claims Adani Green Energy is in talks for a planned transaction with a group of foreign banks, including a US firm. The sale, expected later this year, is yet to be finalized and the terms may still change. 

The Hindenburg report triggered a rout in the group’s shares and bonds, suggesting it would have to pay dearly when next raising capital. 

While talks to refinance debt taken out for the purchase of Ambuja Cements Ltd. and ACC Ltd. stalled after the allegations were made public in January 2023, Adani successfully completed the $3.5 billion funding package later in the year. 

The sprawling ports-to-power empire has trimmed debt, pared founders’ share pledges and landed major projects over the past year, helping to rebuild confidence among investors and lenders. Its stocks and bonds have recouped losses, and the group also won fresh equity capital from marquee investors including GQG Partners LLC. and Qatar Qatar Investment Authority.