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Adani Group Raises $750mn via Offshore Private Placement
April 10, 2025
Adani Group raised approximately $750mn through an offshore private placement bond to fund the acquisition of ITD Cementation India Ltd. The issuance saw international investors participate, including BlackRock, which subscribed to around $250mn of the issuance. The bonds have a maturity of 3-5 years. The acquisition, led by Dubai-based Renew Exim DMCC, is a continuation of Renew’s 2023 agreement to buy ITD Cementation’s stake for INR 32bn ($372mn) from Thailand’s largest contractor. The fundraise marks a significant move for the Adani Group, after the US DOJ’s indictment over an alleged bribery case controversy. The latest bond issuance is nearly four times larger than previous borrowings, signaling increased investor trust in the conglomerate, which has expanded across various sectors, including ports and power.
Adani Green’s 6.7% 2042s was trading stable at 79.1, yielding 9.85%.
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