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Adani Power is planning to raise nearly Rs 7,500 crore from institutional investors through the issuance of non-convertible debentures (NCDs), sources familiar with the development told ANI. This would mark the Adani Group's largest domestic bond issuance to date.
According to sources, major investors in the proposed NCD issue include SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank, among others. The proceeds from the fundraise are expected to be used for general corporate expenses and other requirements, they said. Adani Power, the group's thermal power arm, currently operates 18 GW of installed capacity and has outlined plans to scale this up to 42 GW by FY32. As per the company's latest consolidated financial results, Adani Power's net debt-to-EBITDA ratio stands at approximately 1.6x. Meanwhile, global rating agencies Moody's and Fitch have recently revised the outlook on Adani Group entities to "stable," citing limited near-term impact from the ongoing US investigation. In November, Fitch noted that risks related to the probe were "manageable" in the near term. Earlier this month, Adani Enterprises Ltd.'s Rs 1,000-crore public NCD issue was fully subscribed within the first hour of its launch on January 6. At the close of trading on Friday, shares of Adani Power were priced at Rs 132.96. (ANI)
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