Adani Green Energy Limited on Monday announced the redemption plan for $750 million Holdco Bond due on September 9, 2024 to help bolster investor confidence. With this, the Adani Group company has fully defeased the Holdco notes, eight months prior to the maturity date.
"The outstanding amounts of the Holdco Notes shall be fully secured through cash balances set aside as part of various reserve accounts securing the Holdco Notes, eight months prior to the maturity," it said in a filing to the exchanges.
The redemption planned for the Holdco Notes unveiled in today's filing include:
Amounts in the reserve accounts and internal accruals: $169 million, encompassing the debt service reserve account, hedge reserves, and interest on reserve account.
TotalEnergies 1,050 MW JV Consideration: $300 million, with the transaction, already closed on December 26 2023, and funds lying in the senior debt redemption account (SDRA) of the Holdco notes.
Proceeds from initial tranche of the promoter preferential allotment: Approximately $281 million (equivalent to ₹2,338 crores), expected by the end of January 2024, with the funds set to be deposited into the SDRA of the Holdco notes.In a statement, Adani Green said this was achieved by raising $1.425 billion, comprising $1.125 billion from preferential issuance by promoters and $300 million from the TotalEnergies JV through an equity capital raise programme.
The company said that through this, it aims to reflect "the deep interest of long-term investors and strategic partners, coupled with unwavering promoter commitment to meet AGEL's strategic priorities of achieving its target of 45 GW by 2030."
Shares of Adani Green Energy Ltd were trading 1.67% higher ₹1,702 apiece on the NSE. The stock has gained 6% in the last five trading sessions.
First Published: Jan 8, 2024 1:24 PM IST
