Hero arm, Azure Power to raise $1 bn from bond sale
New Delhi | Bengaluru: Hero Group’s renewable energy arm and NYSE-listed Azure Power are gearing up to raise $1 billion by selling bonds to overseas investors over the next few weeks in separate offerings, according to people briefed on the matter. The Delhi-based green power rivals are looking to mop up $500 million each and have appointed investment banks to underwrite the offerings.
Hero Future Energies, led by Rahul Munjal, a nephew of Pawan Munjal, is reviving a plan that was shelved for two years. For Azure Power, it is the second such offering, after it raised $500 million two years ago.
