Thu Nov 21 05:14:14 UTC 2024: **Adani Group Raises $600 Million in Bond Sale After October Delay**
NEW DELHI – The Adani Group has successfully issued $600 million in 20-year US dollar-denominated bonds, carrying a 7.75% coupon. The sale, announced Wednesday, follows a postponement in October due to investor pushback on pricing. The higher coupon rate, up from the initially proposed 7%, reflects increased borrowing costs in the wake of Donald Trump’s US presidential election victory and subsequent shifts in global market conditions.
Proceeds from the bond sale will be used to repay existing foreign currency loans. The move comes as the Adani Group, along with other companies like Alibaba and SBI, has sought to raise significant debt in recent weeks.
While the bond sale was successful, Adani Green Energy, a subsidiary of Adani Group, has seen its share price decline significantly in recent weeks and months, although it remains up considerably over the past year. Separately, Adani Infrastructure has launched an open offer to acquire a 30.07% stake in PSP Projects for Rs 685.36 crore.
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