Adani tests demand for financings that may top $1 billion
Adani Group has started making a comeback in fundraising in recent months following an improvement in its debt metrics. The latest efforts to secure loan deals indicate the conglomerate is further restoring investor confidence after short seller Hindenburg accused it of widespread corporate malfeasance in January.
Sumit Rawat
Billionaire Gautam Adani's conglomerate is testing lender demand for financings worth more than $1 billion, the latest indication that it is gradually regaining the ability to raise funds six months after a US short seller sparked a crisis in its stocks and bonds.
Bloomberg reported Thursday that the group is in talks with Barclays Plc, Deutsche Bank AG, and Standard Chartered Plc to borrow between $600 million and $750 million to restructure the debt incurred to finance its acquisition of Ambuja Cements Ltd. Separately, Adani New Industries Ltd. raised $394 million for a solar module project through a trade finance arrangement from Barclays and Deutsche Bank.
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Adani Enterprises led most of the conglomerate's listed firms higher on Friday, closing 1.4 percent higher.
Following an improvement in its debt metrics, Adani Group has begun to make a comeback in fundraising in recent months. The recent efforts to arrange loan transactions show that the group is working to regain investor trust after short seller Hindenburg accused it of significant corporate misconduct in January.
AdaniConneX Pvt sold $213 million in senior debt in June to fund data center expansion, while Adani Enterprises Ltd. raised 1,250 crore last month through a local-currency bond sale.
The firm is also in talks with other lenders about refinancing up to $3.8 billion in debt taken out for the Ambuja acquisition. If completed, the loan of up to $750 million would be part of the larger refinancing. The negotiations have not yet ended, and the sums may vary.
