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(Bloomberg) — Indian billionaire Gautam Adani’s energy transmission unit is seeking to raise at least $500 million in foreign-currency debt by early next year, according to people familiar with the matter, as the company boosts infrastructure investments.
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Adani Energy Solutions Ltd. is exploring multiple fundraising routes — including the so-called Regulation D bonds, a US framework which allows businesses to sell securities privately without going through the full public registration process.
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The total funds raised could go up to $750 million, said the people, who asked not to be identified because the discussions are confidential. Adani Energy has begun the documentation and is in talks with global financial institutions, they said.
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The fundraising aims to reduce the cost of capital and support investments, as the company ramps up its transmission buildout. Adani Energy currently has 600 billion rupees ($6.8 billion) worth of transmission projects under construction, with another 964.5 billion rupees in near-term tendering opportunities.
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A spokesperson for Adani didn’t immediately respond to requests for comment.
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The fundraising plan comes as the Adani Group refocuses on growth following a period of scrutiny, including fraud allegations by Hindenburg Research in early 2023 and a bribery probe by the US Department of Justice last year. BofA Securities recently initiated overweight coverage on select dollar bonds, such as Adani Energy Solutions’ 2036 note, citing operating profit growth supported by expanding capacity and moderating debt profile.
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Earlier in the year Adani Group raised about $750 million through an offshore private placement bond. BlackRock Inc. subscribed to roughly a third as the Indian conglomerate sought funds to close the acquisition of a construction firm.
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Management teams from across the group are scheduled to meet equity and credit investors, banks and bond-rating firms in Singapore on Nov. 24 and 25, people familiar with the matter said Wednesday.
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—With assistance from Divya Patil.
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