Adani Electricity May Raise $1.5 Billion Overseas In 2020: Report
As part of this fundraising round, the proposed loans will be offered globally, including in the US, with securities which may have a maturity period of 7 or 10 years.
Dec 31, 2019 / 01:54 PM IST
In what could possibly be one of the largest foreign borrowing rounds by an Indian firm, Adani Electricity Mumbai is all set to raise around $1.5 billion, The Economic Times reported.
Sources told the paper that while a billion rupees is likely to be raised through bonds, the remaining $400-500 million might come via syndicated loans.
Moneycontrol couldn’t independently verify the report.
The funds would be directed by the company towards capacity expansion. In addition, the report added that these would be used to refinance loans that were taken for the acquisition of Reliance Infrastructure’s integrated generation, transmission and distribution utilities powering the city of Mumbai.
As part of this fundraising round, the proposed loans will be offered globally, including the US, with securities which may have a maturity period of seven or 10 years.
Among banks involved in the fundraising exercise are Barclays, Citi, Deutsche, JPMorgan, Mitsubishi UFJ Financial Group and Standard Chartered Bank, the report added.
The takeover of Anil Ambani's debt-laden Mumbai power distribution company by the Adani Group two years ago was one of the biggest corporate takeovers in the country.