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According to a Reuters article citing a corporate executive and bankers, these two companies will likely be the first in the billionaire Gautam Adani-led Adani Group to access the bond market as part of the company's ambition to raise 10,000 crore in FY24.
The additional open market borrowing permission granted is equivalent to 0.25 percent of their gross state domestic product (GSDP).
Of the $10 billion on offer, the $1 billion five-year tranche was issued at a coupon of 0.45 per cent, the lowest coupon seen at that maturity. $5.5 billion will be used for green initiatives, the company said, the largest-ever issue of corporate debt for environment, social and governance endeavors.