Billionaire Gautam Adani’s conglomerate plans to tap India’s bond market to raise up to 150 billion rupees ($1.8 billion) this financial year as it gears up local-currency debt sales since damaging allegations were made by a short seller earlier this year, according to people familiar with the matter.
The notes would likely be sold in small 5 billion to 10 billion rupee lots of listed and unlisted bonds to meet capital expenditure requirements, said the people, who asked not to be identified because the plans are private. Adani Ports and Special Economic Zone Ltd., Adani Electricity Mumbai Ltd., Mumbai International Airport Ltd., Navi Mumbai International Airport Ltd. and flagship Adani Enterprises Ltd. are among the group’s firms that may issue first, the people said.
