(Bloomberg) -- Representatives of Adani Group told investors the sale of a new overseas bond worth $409 million is expected to take place next week, according to people with knowledge of the matter, who asked not to be named because the talks were confidential. 

The Indian conglomerate’s capital raising activities are under close scrutiny after a scathing report by shortseller Hindenburg Research alleging malfeasance triggered a rout in its stocks and bonds.

Adani Group didn’t immediately comment when contacted by Bloomberg on Friday. 

Although company officials have repeatedly denied the claims, the selloff prompted concerns the group — whose operations range from ports and airports to solar energy — would have to pay dearly for overseas capital. 

Adani announced earlier this week that it had mandated major banks for the planned transaction. The US-currency debt, issued by Adani Green Energy Ltd. and affiliated firms, would have an 18-year tenor and will be used for redeeming $500 million of notes maturing in December. 

 

--With assistance from P R Sanjai.

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