fbpx
  Previous   Next
HomeBusinessAdani Green Energy Arms Raise Rs 612 Crore For Debt Refinancing

Adani Green Energy Arms Raise Rs 612 Crore For Debt Refinancing

Three arms of Adani Green Energy Ltd (AGEL) have collectively raised Rs 612.30 crore through their maiden domestic bond issue on private placement basis for debt refinancing.

According to a company statement, rated, listed, secured, redeemable, non-convertible debentures (NCDs) of face value of Rs 10 lakh each, in multiple series, have an average annualized coupon rate of 7.83 per cent per annum (fixed) and a tenure up to 12 years.

It said the proceeds from the NCDs (bonds) will be utilised to part-refinance existing rupee term loan bearing higher interest cost.

“Three subsidiaries of AGEL – Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd and Parampujya Solar Energy Pvt Ltd, collectively housing 930 MW of operational solar power projects – have raised Rs 612.30 crore by their maiden domestic bond issuance, on private placement basis,” the statement said.

The NCDs are rated AA/Stable by CRISIL and AA(CE)/Stable by India Ratings. The NCDs will be listed on the Wholesale Debt market segment of BSE.

“Optimization of the cost of borrowing is key to our capital management program and this transaction reinforces the company’s strategy,” said Vineet S Jain, MD & CEO of AGEL.

“We are encouraged by the robust support from the finance community, which recognises the strength of the company’s business model and our capital management approach. We could manage this fundraising at favourable terms. This puts the company on a more solid platform for long-term growth.” The success of the domestic debt market issue will open up a new source of funding, allowing for more flexibility in capital structure while also lowering interest costs.

More News

Smartphone Use And An Increase In Social Isolation Point To Decline In Mental Health of Young Adults: Report

If you are a young adult and spend a lot of time on your smartphone that it may cause a rapid decline in your...

Inflation Is One of The Top Issues In World Wide: Ipsos

Inflation has shot up the rankings to be the number one global concern in April, according to Ipsos. In March, Inflation made the top...

Two Years After Infection, Half of People Hospitalised With Covid Have At Least One Symptom: Study

Two years after getting infected with COVID-19, half of people hospitalised with the infection have at least one symptom, a follow-up study by the...

RELATED NEWS

Elon Musk Says Businesses And Governments Accounts Likely To Pay To Use Twitter

Elon Musk has said that businesses and governments may soon need to pay a “slight cost” to use Twitter just weeks after announcing he...

India Continue To Buy Russian Crude, Here Is The List Who Is Buying And Who Has Stopped

India has taken advantage of discounted prices to ramp up oil imports from Russia at a time when global energy prices have been rising. After...

Sensex Slips 460 Points, Nifty Ends Below 17,105

Indian indices at the weekend cleaned all the gains before closing lower, despite positive global cues. The week witnessed heavy turbulence due to multiple...