Indian billionaire Gautam Adani’s energy transmission unit is preparing to raise at least $500 million in foreign-currency debt by early next year, people familiar with the matter told Bloomberg. The potential raise may increase to $750 million as the company expands its infrastructure pipeline.
According to the report, Adani Energy Solutions is exploring multiple fundraising options, including Regulation D bonds, a US mechanism that allows private placement of securities without full public registration. The company has begun documentation and is in talks with global financial institutions, the people said, requesting anonymity as the matter is private.
The planned fundraising is intended to lower the cost of capital and support ongoing investments. Adani Energy currently has transmission projects worth ₹60,000 crore under construction, with an additional ₹96,400 crore in near-term tendering opportunities.
Group continues capital market engagement
The move follows a broader capital-raising phase by the conglomerate, which has been refocusing on expansion after scrutiny triggered by fraud allegations from Hindenburg Research in early 2023 and a bribery investigation by the US Department of Justice last year.
BofA Securities recently initiated overweight coverage on select dollar bonds, including Adani Energy Solutions’ 2036 note, citing operating profit growth supported by capacity additions and a moderating debt profile.
Earlier this year, the Adani Group raised about $750 million through an offshore private placement bond, with BlackRock subscribing to around one-third as the conglomerate sought funds to close the acquisition of a construction company.
Management teams from across the group are scheduled to meet equity and credit investors, banks and bond-rating firms in Singapore on November 24 and 25, people familiar with the matter said.
