Adani Green Energy, based in India, is gearing up to raise funds through 18-year bonds denominated in US dollars, aiming to gather around $409 million with a coupon rate of about 7.1250%, according to two bankers briefed on Monday.

This move marks Adani Group’s return to the dollar-denominated bond market after facing a setback in January 2023, triggered by a report from US short-seller Hindenburg Research. The report prompted a sell-off in Adani group companies’ stocks and bonds listed overseas.

The company withdrew from the foreign currency bond market and conducted a buyback of $315 million worth of listed overseas debt securities.

The funds from this upcoming bond issuance will primarily go towards refinancing the $500 million worth of 6.25 percent senior secured notes, set to mature in September 2024.

To facilitate this bond offering, Adani Green Energy has enlisted the expertise of several major financial institutions as joint book-runners, including Barclays, DBS Bank, Deutsche Bank, and Emirates NBD Bank, among others.