Adani Green Energy has secured redemption of its USD 750 million bonds eight months ahead of maturity, boosting investor confidence in its financial health. The company secured the funds through a combination of reserve accounts, investments from TotalEnergies, and promoter preferential allotment.
Photograph: Toru Hanai/Reuters
New Delhi, Jan 8 (PTI) Adani Green Energy on Monday announced a plan to ensure redemption of its USD 750 million bonds eight months ahead of their maturity, in an effort to boose investor confidence in the company's financial health.
The Adani Group company had raised USD 750 million through issuance of NCDs (non-convertible debentures) which will mature in September this year.
"Adani Green Energy Limited (AGEL) today announced the redemption plan for the USD 750 million 4.375 notes due 09 September 2024 (Holdco Notes)," the company said in a statement.
Sharing a break-up, AGEL said a USD 169 million has been put through the reserve accounts and internal accruals, while another USD 300 million has recently been invested by TotalEnergies through a joint venture.
The remaining USD 281 million has been secured through promoter preferential allotment.
"As a result, the entire amount of the USD 750 million Holdco Notes is fully secured eight months prior to its maturity date," the company said.
AGEL, which is India's largest and world's leading renewable energy solutions company, develops, owns, and operates utility-scale grid-connected solar, wind and hybrid renewable power plants.
It currently has an operating renewable portfolio of 8.4 GW, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback