In line with indications of a recovery in investor confidence, Adani Group started marketing a $409 million bond in what would be its first dollar note sale following a report last year by short seller Hindenburg Research.

The 18-year note is being offered at initial price guidance in the 7.125 percent range by the conglomerate's solar energy arm Adani Green Energy Ltd. and affiliated firms, according to a person familiar with the subject who asked not to be named because the topic isn't public.

Adani would receive its most recent boost from issuing the dollar instrument, having last year secured new equity support from investors such as GQG Partners LLC and successfully refinanced $3.5 billion in debt to fund the purchase of cement firms. In a report published at the beginning of 2023, Hindenburg accused people of stock manipulation and fraud. The conglomerate of billionaire Gautam Adani, whose ventures encompass solar energy, ports, and airports, has refuted the allegations on several occasions.

According to a January Bloomberg investigation, some of the biggest asset managers in the world, including Neuberger Berman Group LLC, purchased Adani dollar bonds following the extraordinary sell-off. In contrast, the study revealed that Temasek Holdings Pte, the state-owned investor in Singapore, completely withdrew its holdings.

Questions concerning the group's accounting practices were raised when the auditor for its ports division departed last year. A complicated web of opaque offshore corporations and a purported closeness to Prime Minister Narendra Modi have been questioned by critics, including opposition political parties.

The fact that banks like Deutsche Bank AG, Barclays Plc, and Standard Chartered were brought in to assist with the current bond offer indicates that big bankers are willing to work with the Indian billionaire.