Adani Green Energy, which deferred its $1.2 billion, 20-year bond offering on current weak market conditions, plans to launch it after the US elections, sources said.

The company pulled back the launch of the issue at almost the last moment and reports attributed it to the uncertainties in the market prompting investors to ask for a bump up in the pricing.

Bloomberg said that Adani Green had reached the final price guidance and had set the yield at 7 per cent, which was not to the liking of some of the investors, who wanted a higher yield.

The deal will now be executed after the US elections on November 5. “It is expected to be lapped up by investors on account of is attractive credit highlights,” a source said.

This is the second time that an Adani group company has postponed an issuance, after Adani Enterprises scrapped a ₹20,000 crore follow-on offering in February 2023, though it was fully subscribed, following allegations by Hindenburg Research of corporate governance lapses and price manipulation.

On October 4 Adani Green Energy had informed the exchanges about the investor meetings for the forthcoming bond issuance.

The issuers were its four subsidiaries and the arrangers to the issue were DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, ING Bank N.V., Singapore Branch, Intesa Sanpaolo S.p.A., London Branch, Mizuho Securities (Singapore) Pte., MUFG Securities Asia Limited Singapore Branch, SMBC Nikko Securities (Hong Kong) Limited, Société Générale and State Bank of India, London Branch.

The hybrid RG (restricted group) comprises 1840 MW operational wind, solar hybrid assets with an investment grade rating from both Moody’s as well as Fitch Ratings.

“This is one of the strongest credits from the Indian renewables market,” a source said.

The proceeds of the issue were to be used to repay the foreign currency loans of the subsidiaries.

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