Adani Group has raised approximately $750 million through an offshore private placement of bonds to provide financing for the completion of the acquisition of construction company ITD Cementation India Ltd.
This was reported by Bloomberg, writes UNN.
Details
According to a statement by Adani Group, a group of international investors, including BlackRock, participated in the issuance of new bonds to support the acquisition of ITD Cementation India Ltd by Dubai-based Renew Exim DMCC.
The statement did not detail the bonds or disclose the names of other investors. According to sources, BlackRock subscribed to Adani Group's private placement of bonds worth approximately $250 million on the offshore market. The bonds have a maturity of three to five years, people said.
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Last year, Renew agreed to buy ITD Cementation's stake from Thailand's largest contractor for 32 billion rupees (over 15 billion hryvnias). Adani Group said Renew Exim successfully completed the open offer as a precursor to the acquisition.
Adani Group received a loan for its coal port in Australia earlier this year. The latest loan is four times larger than the previous ones, indicating growing confidence among international investors in the conglomerate that combines ports and power plants.
The fundraising will be the largest for Adani Group since the US Department of Justice indicted the company for possible bribery last November.