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Adani tells investors sale of overseas bond worth $409 million due next week

Livemint

Livemint · 1y ago

Adani tells investors sale of overseas bond worth $409 million due next week

Adani Group is planning to sell a new overseas bond worth $409 million, with the sale expected to occur next week. The Indian conglomerate has been facing scrutiny following allegations of malfeasance by short-seller Hindenburg Research. The group's capital-raising activities have raised concerns, but company officials have denied the claims. Adani Green Energy Ltd. and affiliated firms will issue the 18-year tenor debt to redeem $500 million of notes maturing in December. Adani Group has not commented on the matter.

Related News

Adani Group launches $409 million bond sale since Hindenburg crisis

Livemint

Livemint · 1y ago

Adani Group launches $409 million bond sale since Hindenburg crisis

Indian conglomerate, Adani Group, is set to issue its first dollar bond, worth $409 million, as it seeks to regain investor confidence following allegations of fraud and stock manipulation by short-selling firm Hindenburg Research last year. Adani Ports will back the 18-year bond. The move comes after the company secured fresh equity backing from GQG Partners and refinanced $3.5 billion of debt. Some of the world's largest asset managers, such as Neuberger Berman Group, bought Adani bonds in the wake of the Hindenburg controversy, while Temasek exited its position entirely. Deutsche Bank, Barclays and Standard Chartered are among the banks enlisted for the bond issue.

Adani family plans to raise $3.6 bn via promoter share sales

Livemint

Livemint · 11m ago

Adani family plans to raise $3.6 bn via promoter share sales

The Adani family, owners of businesses ranging from airports to edible oil, is expected to raise up to $3.6 billion by selling part of its promoter holdings in Adani group companies over the next 12-18 months. This comes as a strategy to rebalance their wealth portfolio due to the sharp increase in Adani Group firm's share prices in the past year. The family's share-sale plan includes a 0.5-3% monetization of promoter stake, beginning with the sale of a stake worth ₹3,000-4,000 crore in Ambuja Cements Ltd. Other unlisted businesses may also see stake sales.

Adani Enterprises’ $1.3 billion stake sale expected to start early next week: Report | Mint

Livemint

Livemint · 10m ago

Adani Enterprises’ $1.3 billion stake sale expected to start early next week: Report | Mint

- Adani Enterprises is planning to launch a share sale as early as next week, aiming to raise about $1.3 billion through a qualified institutional placement. - The share sale will mark Adani Enterprises' return to public equity markets following a scathing short-seller report in 2023. - The company received board approval in May to raise up to $2 billion through various methods, including a share sale to institutions. - Adani Enterprises' successful share sale will serve as a vote of investor confidence for the conglomerate. - ICICI Securities, Jefferies Financial Group, and SBI Capital Markets are assisting Adani Enterprises with the share sale. - Adani Enterprises' shares have risen 12% this year, but are still about 7% below pre-short-seller report levels.

PN Gadgil Jewellers seeks to raise $131 mn in upcoming IPO

VCCircle

VCCircle · 11m ago

PN Gadgil Jewellers seeks to raise $131 mn in upcoming IPO

P N Gadgil Jewellers, an Indian jewellery company, aims to raise $131 million in an initial public offering (IPO) next week to expand its retail network and repay debt. The IPO consists of a fresh issue of equity shares worth up to $113 million and a share sale worth $18 million by promoters. With a current valuation of $871 million, the company plans to use the funds to open 12 new stores in Maharashtra and repay debt. P N Gadgil Jewellers aims to increase its total store count to 100 within the next five years.

Indian hotel operator Samhi Hotels' IPO oversubscribed five times

Reuters · 1y ago

Indian hotel operator Samhi Hotels' IPO oversubscribed five times

Indian hotel operator, Samhi Hotels, has seen its initial public offering (IPO) oversubscribed by over five times, with bids worth $504 million, according to exchange data. The company, which operates Marriott, Hyatt, and IHG hotels in India, received bids for 333 million shares, significantly exceeding the 62.5 million shares on offer. The IPO, valued at INR 13.7 billion ($182 million), comprises a fresh issue of shares and an offer-for-sale from existing investors. The proceeds will be used to repay debt. Samhi Hotels is expected to make its trading debut next week.

Adani Group looks to de-risk its borrowings with public bond issues in India | Mint

Livemint

Livemint · 11m ago

Adani Group looks to de-risk its borrowings with public bond issues in India | Mint

Indian conglomerate, Adani Group, plans to diversify its borrowing matrix with the upcoming public issue of non-convertible debentures by Adani Enterprises. The ₹800 crore issue is Adani Group's first public bond issue and aims to test and develop a domestic debt capital market for corporates. The allocation for the issue indicates a focus on individual investors over institutions. Adani Group's debt profile has evolved, with a decrease in exposure to public sector banks and an increase in exposure to international banks and bond issuances. The group aims to tap into unmonetized domestic capital, emphasizing the importance of investing in India's infrastructure for Indians.

Probes into Adani firms nearly over, Sebi tells SC

Livemint

Livemint · 1y ago

Probes into Adani firms nearly over, Sebi tells SC

The Securities and Exchange Board of India has concluded 22 out of 24 investigations into the Adani group, analyzing data on nearly 350 million stock trades and scrutinizing dealings in seven Adani group firms.

Telegram secures $330 million in bond sales

Economic Times

Economic Times · 1y ago

Telegram secures $330 million in bond sales

Telegram successfully raised $330 million through bond sales, according to CEO Pavel Durov. The offering was oversubscribed, indicating strong demand from global financial institutions who recognize Telegram's audience growth and monetization potential. Durov aims for the company to become profitable next year and considers it an independent platform capable of challenging industry giants. This successful bond sale moves Telegram closer to its goal of a stock market listing.

Adani Group’s net debt has ballooned to $26 billion in FY24

Thehindubusinessline

Thehindubusinessline · 1y ago

Adani Group’s net debt has ballooned to $26 billion in FY24

The Adani Group's net debt is expected to reach $26 billion by the end of FY24, up 25% from the previous year. However, the group is confident of ending the year with an EBITDA exceeding $9.5 billion, primarily driven by its core infrastructure businesses. Despite the increase in debt, the net debt to EBITDA ratio is expected to improve to around 2x by March 2024, down from 3.3x last year. The group has successfully raised $15 billion in debt, with a strong response to Adani Green Energy's overseas bond issuance. Key bondholders include Black Rock, AIA, Fidelity, Metlife, Goldman Sachs, and Barings.

Fitch Ratings says it may cut some Adani Group bonds to junk status

Livemint

Livemint · 8m ago

Fitch Ratings says it may cut some Adani Group bonds to junk status

Fitch Ratings is considering downgrading some bond ratings of the Adani Group to speculative territory following the charges against founder Gautam Adani in a bribery scheme. The US rating company will closely monitor the investigations, as the outcomes could indicate weaker corporate governance practices at the Indian conglomerate. Adani Group denies the allegations and asserts that its portfolio companies have enough liquidity to cover debt-servicing requirements for the next year. Fitch has placed Adani Ports & Special Economic Zone's bonds on watch for a possible downgrade and has also placed Adani Energy Solutions' long-term issuer default ratings on watch.

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