Adani Group Revives Plan to Seek $1 Billion With Dollar Bond

6igx0fa4jf6h9l]1q7nak5df_media_dl_1.png Bloomberg

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(Bloomberg) — Indian conglomerate Adani Group is reviving plans to seek about $1 billion through a US-listed dollar-denominated bond, according to people familiar with the matter, a move reflecting its intent to return to the US financing market as its legal troubles there ease. 

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The ports-to-power group, controlled by billionaire Gautam Adani, has begun early-stage internal discussions and informal consultations with advisers, the people said, asking not to be identified because the deliberations are private. Any proceeds from the bond sale, carried out by its energy unit Adani Green Energy Ltd., would go toward capital expenditures and refinancing needs, they said. 

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This week, Gautam Adani and his nephew Sagar have agreed to pay a total of $18 million to settle US Securities and Exchange Commission allegations that they made false and misleading representations about Adani Green Energy. The proposed settlement paves the way for the group to ramp up investment and capital-raising after months of battling the allegations.

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The fundraising may take place over the next three to four quarters, or by early next year, the people said. If carried out, it would mark the first US-listed debt issuance by an Adani Group firm, they added.

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An Adani Group spokesperson declined to comment. 

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In November 2024, Adani Green sought to revive a dollar bond offering, about a month after shelving the deal following investors’ demand for a higher yield. But just days later, the SEC alleged in its lawsuit that Adani spearheaded an effort to pay or promise hundreds of millions of dollars in bribes to Indian officials to win contracts Adani Green needed to develop India’s largest solar power plant project.

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Following the proposed settlement, most of Adani Group’s dollar bonds rose on Friday. An Adani Green Energy note due in 2042 jumped as much as 1.1 cent, the most since early April, to 98.4. A note from Adani Ports and Special Economic Zone due in 2041 gained 0.9 cent. 

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Shares of the group’s flagship Adani Enterprises Ltd. rose as much as 3.3% in Mumbai on Friday. A day earlier, shares spiked 8.6% ahead of the US court filing of the settlement proposal. 

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The company’s credit profile is also showing signs of improvement. In November 2025, Crisil Ratings, the local arm of S&P Global Ratings, upgraded Adani Green to AAA from AA+, citing healthy financial risk profile.

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—With assistance from P R Sanjai, Harry Suhartono and Alex Gabriel Simon.

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