Adani takes bond brokers on Gujarat trip to instill confidence

The trip marks Adani Group's latest effort to reassure markets after months of damage control following US short-seller Hindenburg Research's January report detailing alleged corporate malfeasance — claims the conglomerate has strongly denied. It is also an indication that the conglomerate is trying to diversify its funding channels by tapping the local capital market.

India's capital markets regulator is due to compile a report into Adani Group on allegations of impropriety and shortfalls in corporate governance. It sought a 15-day extension for the submission this week.

An Adani spokesperson didn't immediately respond to Bloomberg’s request for comment. Representatives at Darashaw, JM Financial, Nuvama, SBI Capital, Tipsons and Trust Investment didn’t immediately respond to an emailed request for comment. Yubi declined to comment.

While it remains to be seen whether the gathering will lead to any deal, it shows Adani's attempt to drive home the view that the Hindenburg attack is a thing of the past and that the priority now is building trust with and confidence among influential and well-connected domestic investment banks.

Adani Enterprises Ltd, the flagship firm, last month raised Rs 12.5 billion through a sale of domestic bonds, its first such local-currency offering since being targeted by the short-seller.

Several global banks are in talks to lend between $600 million and $750 million collectively to the group, as part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements Ltd, Bloomberg reported in late July citing people familiar with the matter.