BlackRock subscribed to about US$250 million of Adani Group’s private placement of bonds in the offshore market, said the people, who asked not to be identified as the information is private. The tenor of the bonds is between three to five years, the people said.
Adani Group raised about US$750 million ($1 billion) through an offshore private placement bond, according to people familiar with the matter. BlackRock Inc. subscribed to roughly a third as the Indian conglomerate sought funds to close the acquisition of a construction firm.
A group of international investors including BlackRock participated in the new bond issuance to support the acquisition of ITD Cementation India Ltd by Dubai-based Renew Exim DMCC, the Adani Group said Wednesday in a statement. The statement didn’t elaborate on details of the bond or disclose any of the other investors.
