Gautam Adani, chairperson of the Adani Group, took a group of bankers and bond brokers to Mundra in Gujarat to showcase its infrastructure and elaborate on the conglomerate’s expansion plans.
The group, it has emerged, plans to sell up to Rs 150 billion worth of debt.
According to a financial daily, Darashaw & Co., JM Financial Ltd., Nuvama Wealth and Investment Ltd., SBI Capital Markets Ltd., Tipsons Consultancy Services Pvt., Trust Investment Advisors Pvt. and Yubi Group were among those who visited Mundra.
The trip is perceived as another effort by the group to win the faith of investors, following Hindenburg Research’s January report about serious corporate governance issues by the Adanis, which they have categorically denied.
The report adds that the conglomerate is eyeing the local capital market to diversify its funding channels and build confidence among domestic investment banks.
No spokespersons, either from the Adani Group or the bankers who visited Mundra, were available for comment.
Last month, the embattled Adani Enterprises Ltd., the flagship firm, raised 12.5 billion rupees through domestic bonds, a local-currency offering after a long time.
The daily, citing a Bloomberg report, highlighted that many global banks are having discussions with the Adanis to finance anything between $600 million and $750 million.