Adani Green Energy seeks to refinance $1.1 billion loan from PFC, others in rupee terms | Stock Market News
Adani Green Energy Ltd., controlled by Indian billionaire Gautam Adani, is in talks with local lenders, including Power Finance Corp., to refinance as much as $1.1 billion worth of dollar debt in rupees, according to people who know the matter.
The renewable unit of port-to-power conglomerate Adani Group is in the final stages of signing a deal for a long-term loan to refinance obligations due by the end of March, the people said, requesting anonymity as the details are private.
The borrowing would be the firm’s biggest since the U.S. Department of Justice indicted Adani over an alleged bribery plot in November, which has made it harder for Adani Green to raise money overseas. Adani Green’s shares have slipped almost 40% since this probe came to light.
Adani Green Energy is in the final stages of signing the private placement agreement and settlement pact with parties involved in the refinancing, the people said. Representatives of Adani Group and Power Finance did not offer any immediate comments.
The proposed fundraising comes after Adani Green Energy scrapped a $600 million dollar bond amid the US probe against founder Adani and and his nephew, Sagar Adani.
US federal prosecutors last year accused Adani, Asia’s second-richest person, and his aides of participating in a scheme with promises to pay more than $250 million in bribes to Indian government officials for solar energy contracts which were concealed while seeking to raise money from US investors. Adani Group denied all allegations.
