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Bond Market News
Adani Green Said to Plan Raising $1.5bn to Fund Expansion
July 7, 2023
Adani Green is planning to raise INR 123bn ($1.5bn) to fund its diversification related expansion plans, as per sources. It plans to raise funds from institutional investors and will seek its shareholders’ approval. The details have not been confirmed and are subject to change, including the size of the fundraise. Adani Group companies like the flagship company Adani Enterprises and its unit Adani Transmission have already announced fundraising plans of ~$2.6bn. Adani Green being able to raise $1.5bn in equity could help cover the maturities of its two dollar bonds due 2024 that total $1.5bn.
Adani Green’s 6.25% 2024s were trading stable at 96.4, yielding 9.03%.
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