The deal, which would be among the top 10 largest loans in Asia this year, could be sealed this week, according to people familiar with the matter who asked not to be identified because the matter is private.
The loan would likely cost 450 to 500 basis points in all-in costs above the benchmark covered overnight rate, they said. The deal will have three terms: 6 months, 18 months and 3 years, as Bloomberg News had previously reported.
An Adani Group representative did not immediately respond to an email after business hours in India.
The financing comes after months of negotiations with banks and follows allegations of fraud by American short seller Hindenburg research causing the company’s bonds and shares to plummet earlier this year. Adani has strongly denied these claims.
The group’s flagship fund already raised 12.5 billion rupees ($151 million) in July by issuing local currency bonds as it tried to put Hindenburg’s claims behind it.