Adani Green Energy Ltd (AGEL) shares jumped more than 5% on Monday after the company said that it had completed the funding of the reserves for the $750 million Holdco Bond.
In a filing to the stock exchanges, the Adani Group company said that it concluded the funding of the entire $750 million for the Holdco Notes, which were due September 9, 2024. The said milestone has been achieved by Adani Green Energy after the receipt of funds amounting to ₹9,350 crore ($1,125 million), approximately via the preferential allotment to the promoters of the company.
Further, the company’s shareholders approved the preferential allotment of the aforesaid amount with an overwhelming majority of 99.9% on January 18, 2024. The promoters thereafter made a primary infusion of ₹2,338 crore ($281 million) into Adani Green Energy last week.
The company has earmarked these funds in the Senior Debt Redemption Account (SDRA) as well as other reserve accounts of the Holdco Bond, following which the funding of the reserves has been completed, AGEL informed the bourses.
Through the funding’s completion, Adani Green has demonstrated unwavering promoter commitment to meet AGEL’s strategic priorities of achieving its target of 45 GW by 2030, the company said.
Adani Green Energy’s consolidated net profit surged 148.5% on a year-on-year (YoY) basis to ₹256 crore for the quarter ending on December 31, 2023, compared to ₹103 crore in the same period last year. Its revenue from operations increased 40% to ₹1,765 crore in the December quarter from ₹1,258 crore in the year-ago period.
Shares of Adani Green Energy Ltd were trading 3.6% higher at ₹1,724 per piece on BSE at 2:05 PM. The scrip settled at ₹1716.20, up 3.11% on BSE.
