Magazine : 
Adani Group Shows Financial Recovery with $409 Million Bond Launch
Adani Group, in a strategic move signaling a resurgence in investor confidence, has initiated the marketing of a $409 million bond, marking its first dollar note sale since the Hindenburg Research report last year. The conglomerate, encompassing diverse sectors from ports to airports and solar energy, is offering an 18-year note through its solar energy unit, Adani Green Energy Ltd, and associated entities.
Initial price guidance for the bond is set in the 7.125% area, according to a source familiar with the matter. This move follows Adani's recent successes, including securing fresh equity backing from investors like GQG Partners LLC and successfully refinancing $3.5 billion of debt for cement company acquisitions.
Despite facing accusations of fraud and stock manipulation from Hindenburg Research in 2023, Adani Group has consistently denied these claims. The upcoming dollar bond issuance adds to the conglomerate's recent positive developments and further enhances its financial standing.
Analysis in January revealed that some of the world's largest asset managers, such as Neuberger Berman Group LLC, had purchased Adani dollar bonds after the previous year's challenges. However, Singapore's Temasek Holdings Pte exited its position entirely during the same period.
For the current bond deal, major banks including Deutsche Bank AG, Barclays Plc, and Standard Chartered are actively involved, highlighting their willingness to engage with the Indian billionaire's enterprises. The move positions Adani Group for potential financial recovery and continued resilience in the face of past controversies and market challenges.
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