INSUBCONTINENT EXCLUSIVE:
MUMBAI: Adani Green Energy, the renewable power arm of Gautam Adani-controlled Adani Enterprises, is planning to raise $500-750 million
(?3,500-5,000 crore) by selling dollar bonds, as it plans to refinance its debt and expand its business, said two people familiar with the
The bond-sale could be rated in the high-yield category with BB+, or BB grade, said one of the persons mentioned above.
The proposed
dollar-denominated securities would be raised under Regulation S programme, which is available to global investors outside the US
The company, which was listed on the stock exchanges two weeks ago, has appointed some investment bankers, including Barclays, MUFG, and
Individual banks could not be contacted for comments
Treasury yields have been raising borrowing cost
Dollar bonds are priced after adding a spread, or mark-up, over similar maturity US Treasury yields
The spread becomes wider when it is below investment grade
Adani papers could be of 5 to 10-year maturities where rates may be in the range of 7-8 per cent , depending on investor response, market
shares have started trading from June 18 this year, and on day one the stock had hit the 5 per cent upper limit, but pared its gains later
It fell about 11 per cent since its debut to close at ?26.25 on Tuesday.
