Adani Enterprises raises 12.5 billion rupees with return to rupee bond market after Hinderberg crisis
The fundraising is the latest attempt by the ports-to-power conglomerate to shore up investor confidence after months of damage control.
Indian billionaire Gautam Adani’s flagship firm raised 12.5 billion rupees ($152 million) through notes, its first such local-currency bond sale since it was targeted by short seller Hindenburg Research in January.
Adani Enterprises Ltd. raised funds on Tuesday by privately placing the notes, the company said in an exchange filing. The three-year notes are unrated and carry a coupon of 10%, according to data compiled by Bloomberg.
The fundraising is the latest attempt by the ports-to-power conglomerate to shore up investor confidence after months of damage control. It has denied US short seller Hindenburg Research’s allegations of widespread corporate malfeasance, which sent the group’s stocks and bonds tumbling.
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Meanwhile, the conglomerate has improved its key debt metrics as it continues to restore investor confidence. Adani Group’s net debt to earnings before interest, tax, depreciation and amortization improved to 3.27 times at the end of March compared with 3.81 times a year ago, while cash balance rose to 403.5 billion rupees, the company said in a report last month.
An Adani Group spokesperson didn’t immediately reply to an email seeking confirmation on the tenor and coupon details of the issuance.
{{/usCountry}}An Adani Group spokesperson didn’t immediately reply to an email seeking confirmation on the tenor and coupon details of the issuance.
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