Adani Group Issues $409 Million Bond Post Hindenburg Crisis

04 Mar, 2024

Adani Group Issues $409 Million Bond Post Hindenburg Crisis

Adani Group is launching a $409 million bond, marking its first dollar note sale since the Hindenburg Research report last year, suggesting a resurgence in investor trust. The conglomerate, including its solar energy arm Adani Green Energy Ltd., is offering an 18-year note with an initial price guidance around 7.125%, sources revealed. This move follows Adani's recent successes, such as securing equity backing from investors like GQG Partners LLC and refinancing $3.5 billion in debt for cement company acquisitions. Despite accusations of fraud and stock manipulation from Hindenburg in 2023, Adani has consistently refuted these claims. Notably, major asset managers like Neuberger Berman Group LLC increased their stake in Adani bonds post the crisis, while Temasek Holdings Pte divested its position entirely. Amidst scrutiny over accounting practices and perceived political ties, Adani remains resilient, backed by banks like Deutsche Bank AG, Barclays Plc, and Standard Chartered for its latest bond deal. This signifies continued support from major financial institutions despite ongoing controversies surrounding the conglomerate's operations and affiliations.