Adani group is preparing to raise as much as $2 billion by selling dollar-denominated bonds as it seeks to refinance a bulk of its local debt and diversify its creditor base, Mint reported citing a person aware of the plans. Adani group companies that are planning to sell dollar bonds include Adani Transmission Ltd, which is aiming to raise between $750 million and $1 billion, and its unit, Adani Electricity Mumbai Ltd, which is looking to raise as much as $500 million. The group’s renewable energy arm, Adani Green Energy Ltd is also in the process of raising up to $500 million through bonds. The proposed fund raising will happen on the back of a robust response to recent bond offerings totalling about $1.9 billion by the Gautam Adani-controlled conglomerate. Adani group’s renewed bond sale plans mirror those of other Indian companies that tapped the offshore bond market this year, after tepid fund-raising activity in 2018. Last year, these companies raised $6.3 billion by selling dollar-denominated bonds, a 51.7% decline from the previous year, according to data from Refinitiv.
AION Capital puts $40 million in SME Lender Clix Capital
Clix Capital has raised $40 million (about ₹282 crore) in fresh financing led by its largest stakeholder AION Capital, even as the country’s broader NBFC sector continues to grapple with a combination of low liquidity and increased scrutiny over poor loan book quality, The Economic Times reported. The small and medium enterprise-focused lending platform founded by Pramod Bhasin and Anil Chawla will use the capital infusion to push into the consumer lending segment, while continuing to build its digital platform. India-focused AION Capital, which manages assets of about $825 million, is a joint venture between US-based private equity major Apollo Global Management and domestic PE major firm ICICI Venture. It holds an 85% stake in Clix Capital, with Bhasin and Chawla owning the rest. As per Bhasin, Clix Capital, which claims to have about 3 million customers since inception, is also targeting a loan book of ₹5,500-6,000 crore by the end of FY20, up from its current estimated ₹5,000 crore.
Goldman Sachs invests ₹500 crore in Ozone Techno Park
At a time when most NBFCs have stopped either making new investments or disbursing funds to real estate developers across the country, the Goldman Sachs Group has put around ₹500 crore into an income-producing asset of the Bangalore-based Ozone Group, The Economic Times reported citing multiple people aware of the development. Goldman Sachs has made this investment into the developer’s commercial project Ozone Techno Park in Chennai, jointly through two of its NBFC arms — Goldman Sachs (India) Finance and Goldman Sachs Investments (Mauritius). The investment has been made through a structured debt arrangement. Located on Chennai’s Old Mahabalipuram Road, Ozone Techno Park is a ready and fully leased commercial project that houses tenants such as HCL, CTS, Rainbird Healthcare and Firstsource Solutions. The IT park is spread over 7 acres with total leasable area of nearly 1 million sq ft, across the 10-storey complex. The company is likely to use a part of the funds raised to repay some debt obligations, including to Urban Infrastructure Venture Capital that has exposure to some of its other projects.