Adani Power's mega debt sale backed by bids from Indian lenders and mutual funds, sources say
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Adani Power successfully raised 75 billion rupees ($816.58 million) in a debt sale, with over 90% purchased by Indian banks and mutual funds. Major investors included SBI Mutual Fund, ICICI Bank, and Axis Bank. The bonds, rated 'AA', feature varying coupon rates and are part of Adani's strategy to focus on domestic borrowing following governance concerns. The issue closed for bidding on Friday, amid a backdrop of significant market cap losses for the Adani group due to ongoing regulatory scrutiny.
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