Adani Group executives met with investors from the United States, including BlackRock Inc., Blackstone Inc., and Pacific Investment Management Co., as part of the company’s plans for marketing purposes to privately placed bonds for some of its group companies.
According to anonymous sources who were not authorized to discuss the matter, the conglomerate headed by billionaire Gautam Adani aims to raise $1 billion in two tranches this year.
Pimco representatives refused to comment. BlackRock and Blackstone’s representatives did not immediately respond to requests for comment. Adani seeks to reassure international investors from ports-to-power empire’s finances are under control. Meetings were a global roadshow reaching US cities like New York, Boston, Los Angeles, and San Francisco.
According to the people, the group intends to launch the first tranche by September, with documentation work likely beginning in April. They claimed that the first tranche could total approximately $450 million. According to the individuals, privately placed debt papers have tenors ranging from 10 to 20 years, and the coupon rate might be around 8%.
According to the individuals, two group companies, Adani Transmission, and Adani Green, may sell those proposed bonds.
Hindenburg Research’s short seller report made allegations of accounting fraud and stock manipulation. Adani has refuted the charges.