Reports suggest that the Adani Group, led by billionaire Gautam Adani, is considering another bond offering of $1.2 billion by June, as disclosed by sources familiar with the matter. This potential move follows a recent note issuance aimed at raising approximately $2 billion in predominantly new debt throughout the year.

The group’s renewable energy arm, Adani Green Energy Ltd., along with associated entities, intends to utilize the proceeds from the bond issuance to refinance existing loans, according to one of the sources. Discussions regarding the planned transaction are underway with arrangers and bankers, with the issuance expected to be concluded within four months, as stated by another source. However, an official comment from the Adani Group representative is currently unavailable.

Despite facing scrutiny from US short seller Hindenburg Research early last year, the Adani Group witnessed significant demand for its recent public bond sale. Adani Green Energy and its associated firms, collectively referred to as Adani Green Energy Restricted Group 1, garnered approximately $2.9 billion in orders for a $409 million 18-year senior secured bond – roughly seven times the size of the offering. This overwhelming response signals a resurgence in investor confidence in the Indian conglomerate.

The successful bond sale underscores the Adani Group’s ability to attract overseas capital, alleviating concerns that arose following allegations of fraud and stock manipulation by Hindenburg Research. Despite vehement denials from the group, these accusations had previously triggered a decline in the stock and bond prices of Adani Group companies.