Adani Group in talks to tap local bond market

Mumbai, August 11

Two units of Adani Group are in talks with merchant bankers to raise as much as Rs 1,500 crore each through local currency bonds as part of the conglomerate’s aim to raise Rs 10,000 crore this financial year, a company official and three bankers said.

The plans are part of the Adani Group’s tentative return to the local bond markets after a hiatus since January when US short-seller Hindenberg Research raised governance concerns that led to a selloff in the group companies’ stocks. The group has denied these allegations.

Adani Airport Holdings and Adani Ports and Special Economic Zone (APSE.NS) may tap the market first, with offerings of up to Rs 1,500 crore, the bankers said. — Agencies

Deloitte may quit as auditor

Deloitte is planning to resign as auditor of Adani Group’s port company, a move that comes weeks after it raised concern over certain transactions flagged in a report of a US short-seller.