Mumbai: Adani Enterprises, the flagship company of the Adani Group, is set to launch its first-ever public bond issue in the coming weeks, aiming to raise up to Rs 600 crore ($71.7 million), Reuters reported, citing two sources familiar with the development.

"The company has already filed a draft prospectus with Securities Exchange Board of Indian (SEBI). So, the issue should open in mid-August after the final approval," one of the sources was quoted as saying by Reuters.

Adani Enterprises, the flagship firm of the Adani Group, is preparing to launch its first public bond issue, aiming to raise up to Rs 600 crore ($71.7 million).

This comes after the company decided against proceeding with a debut retail bond offering of up to Rs 1,000 crore last year following allegations from U.S.-based short-seller Hindenburg Research.

The allegations accused the Adani Group of improper use of offshore tax havens and stock manipulation, claims that the group denied.

Despite the denial, the shares of Adani group companies experienced a significant drop, losing more than $100 billion in value before stabilizing later in 2023.

Last week, Adani Enterprises informed the stock exchanges that it had filed a draft prospectus with the market regulator.

The public bond issue will feature a base size and a greenshoe option, each worth Rs 3 billion. CareEdge has assigned an A+ rating to these bonds.

Trust Investment Advisors, AK Capital Services, and Nuvama Wealth Management are the lead arrangers for the issue.

Since the Hindenburg report surfaced in January 2023, Adani Group companies have raised over $670 million through listed rupee bonds and one dollar bond.

Additionally, Reuters reported that Adani Energy Solutions is likely to launch a share sale this week to raise more than $600 million, marking the Adani Group's first equity market fundraising since a $2.5 billion share sale was cancelled in February 2023.