The Adani group is reportedly in talks with potential investors for a private placement of bonds of at least three group firms.

According to a Bloomberg report, the plan, which was first proposed last year, is to raise up to $1.5 billion through debt sales by Adani Transmission, Adani Green Energy and Adani Ports and Special Economic Zone (APSEZ).

If the group is successful in floating the bonds, it would be the first such exercise after Hindenburg Research made serious allegations against the conglomerate.

After the Hindenburg report, Adani Enterprises returned the proceeds of a Rs 20,000 crore follow-on public offer (FPO), with investors dumping the shares of group companies.

The Bloomberg report said the three companies may offer bonds with tenors up to 20 years and that the first potential deal could happen in April or May this year.

After the Hindenburg report, the group’s dollar bonds had come under pressure, with yields which are inversely related to prices, rising to new highs.

Recently, the bonds have pared some of their losses.

News of the fund raising comes at a time the group is in talks with Abu Dhabi’s International Holding Corp (IHC) for a capital infusion of up to $1.5 billion.

On Tuesday, the group released a credit note where it projected the cash flow from its various assets across the six listed firms for this fiscal to be Rs 44,078 crore while the debt to be serviced stands lower at Rs 23,590 crore, a debt-servicing coverage ratio of nearly 1.90 times.

The group estimated its gross debt at Rs 2,27,235 crore in the current fiscal, up from Rs 1,88,275 crore in 2021-22. Among the listed companies, Adani Green Energy will have to pay Rs 305 crore in Q4 and Adani Transmission, Rs 112 crore. Adani Green’s dues in the next fiscal are Rs 1,200 crore and Adani Transmission, Rs 724 crore.