The government bond issue, the first since short sellers… Hindenburg Research filed several allegations against the Adani Group in January last year, will be managed by the Trusted group, Capital of Alaska and Nuvama Asset Management.
The company is yet to file a draft prospectus for the bond sale with the Securities and Exchange Board of India and the Registrar of Companies, an informed person said.
“The company has appointed bankers and increased the issue size after withdrawing the earlier issue. The issue will open to investors on September 4,” the person said. The issue has a base size of ₹400 crore and an option to keep another ₹400 crore in case of oversubscription under the green shoe option. The bonds are expected to be rated A+. While A+ rated NBFCs are raising funds at 9.5-10.0%, market experts expect a yield of around 8.5% for Adani as it is in the infrastructure sector. The proceeds are likely to be used for general corporate purposes.
Adani Trust spokespersons, Capital of Alaska and Nuvama did not immediately respond to requests for comment.
The company withdrew the earlier draft prospectus dated July 25 citing “commercial and strategic considerations,” it said in a stock exchange filing on Aug. 16.
On August 10, Hindenburg published a new report, raising questions about SebiThe company’s investigation into allegations it had levelled against the Adani Group last year, causing a temporary drop in the group’s market value.
According to the withdrawn prospectus, it sought to raise a minimum of ₹300 crore and an additional ₹300 crore under the stock option. CareEdge had assigned an A+ rating to the bonds.
Adani Group promoters They also plan to sell shares worth Rs 30,000 crore over the next nine months to rebalance their $126 billion portfolio of listed companies. They will reduce stakes in companies such as Ambuja Cement and Adani Power while increasing their stake in Adani Green Energy, targeting a 64-68% stake in all its companies, ET reported on August 23.
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