Adani Green Energy Ltd. plans to revive its shelved $600 million dollar bond offering between April and June 2025, Group CFO Jugeshinder Singh revealed on Friday. This move signals the Adani Group’s resilience despite a recent U.S. probe implicating founder Gautam Adani.
In his first media interaction since the indictment became public, Singh stated, “Once we find clarity, we’ll revive the dollar bond sale.” The news comes in the wake of the group’s stocks experiencing turbulence and a query from India’s market regulator following the scrapped bond issuance.
Fundraising plans ahead of revival
Adani Green aims to raise up to $500 million by February 2024 through banks or private placements in the offshore market, Singh informed reporters at a Mumbai event. Additionally, other Adani Group firms are expected to conduct public bond sales in India over the next year as part of broader fundraising efforts.
The conglomerate, which faces $3 billion in refinancing requirements next year, remains confident in its financial position, supported by a robust $6.3 billion cash reserve.
Capital investments unaffected
Reassuring stakeholders, Singh emphasized that the group will not delay planned acquisitions or roll back capital expenditure. He reiterated the company’s commitment to its growth strategy, even amid the ongoing scrutiny.
“No planned acquisition will be put on hold and there will be no rollback of capital expenditure,” he asserted.
U.S. probe: Adani responds
Last week, U.S. federal prosecutors alleged that Gautam Adani and associates engaged in a scheme involving over $250 million in bribes to Indian officials for solar energy contracts. This allegation, which was concealed during fundraising from U.S. investors, triggered a $34 billion loss in the Adani Group’s market value and led partners like TotalEnergies SE to suspend fresh investments.
In response, the Adani Group published a credit report earlier this week to reassure stakeholders of its financial health. A filing from Adani Green clarified that neither the company nor its leaders were charged under the U.S. Foreign Corrupt Practices Act but instead under securities fraud and wire fraud conspiracy.
Adani Group’s next steps
Singh emphasized that the individuals named in the U.S. Department of Justice indictment, including Gautam Adani and his nephew Sagar Adani, will respond to the charges within ten days. He maintained that no Adani Group company was involved in the probe.
