Billionaire Gautam Adani's company is thinking of issuing a further $1.2 billion in dollar bonds by June, according to people with knowledge of the situation. This comes after the company this week issued notes as part of its intention to raise at least $2 billion this year, primarily in the form of new debt.

One of the people, who wished to remain anonymous due to the confidentiality of the information, stated that the group's renewable energy subsidiary, Adani Green Energy Ltd., and affiliated businesses intend to raise money to refinance current loans.

The intended transaction is being discussed by the company with bankers and arrangers. According to one of the sources, it plans to finish the issuance in four months. An Adani Group spokesman did not immediately respond to requests for comment.

Adani Enterp.

The ports-to-power company had tremendous demand this week for its first bond offering to the public after US short seller Hindenburg Research began targeting it at the beginning of the year. Around $2.9 billion in orders were received for a $409 million, eight-year senior secured bond by Adani Green Energy and affiliated companies, together referred to as Adani Green Energy Restricted Group 1. This amount is approximately seven times the value of the offering. 

The success of the IPO is yet another indication that investors once again have faith in the Indian company. Following a sharp decline in the stock and bond values of group companies due to Hinderburg's charges of fraud and stock manipulation, which the group has consistently refuted, the investor response further allayed concerns that it could have to pay a high price to attract foreign money.

According to Adani Green's objectives, it would raise a minimum of $2 billion in 2024, primarily through the issuance of additional debt, including $409 million through private placements.