Reuters had earlier reported that Adani Green Energy was looking to raise around $500 million by issuing dollar bonds in March, making it the first Adani group company to return to the overseas bond market in a year.

The issue would be subject to market conditions and the weighted average life of the bonds could be around 12.7 years, the company said.

The proceeds from the issue will be used to refinance the $500 million worth 6.25% senior secured notes due in 2024 which were issued on June. 10, 2019, the release added.

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale and Standard Chartered Bank as joint bookrunners to arrange a series of fixed income investor meetings in Asia, the Middle East, Europe and the United States starting Feb. 28, it said.

Fitch Ratings has assigned Adani Green Energy Limited Restricted Group 1's (AGEL RG1) proposed 18-year fully amortising senior secured notes due 2042 an expected rating of 'BBB-(EXP)' with a stable outlook, the agency said in a separate release.

A report by U.S. short seller Hindenburg Research in January last year had led to a sell-off in stocks and overseas listed bonds of Adani group companies, forcing them to retreat from the foreign currency bond market and buyback $315 million of listed overseas debt securities.

Since then, most of the group's foreign bonds are back above the levels they traded at before the Hindenburg report, giving the company comfort to look at a fresh issue of dollar bonds.

(Reporting by Swati Bhat; editing by Miral Fahmy)