Investing.com-- Adani Group is marketing a $409 million bond in potentially its first dollar debt sale after a damning short seller report last year, Bloomberg reported on Monday.
The move comes more than a year after short seller Hindenburg Research accused the company of manipulating the value of its own shares- a report that had initially triggered an over $100 billion stock rout for the Indian conglomerate. Adani had repeatedly denied the allegations.
Now, the conglomerate’s solar energy unit- Adani Green Energy Ltd (NS:ADNA), and other firms, are offering an 18-year note at an initial price guidance of 7.125%, the Bloomberg report showed.
The move reflects improved investor confidence in the conglomerate, especially as its shares largely rebounded from a post-Hindenburg rout over the past year.
Increased confidence in the Indian economy- which remained the fastest-growing major economy in 2023, also helped improve sentiment towards Adani, which is closely tied to a massive infrastructure boom in the country.
Deutsche Bank, Barclays and Standard Chartered (OTC:SCBFF) are pegged to help with the planned issuance, the report showed.