Adani Green Energy secures funding for $750 million Holdco Bond redemption

Adani Green Energy Limited (AGEL), the green arm of the conglomerate on Monday completed the funding of the reserves for a $750 million Holdco Bond.

The sources of funds are TotalEnergies JV Proceeds ($300 million), promoters preferential allotment ($281 million) and debt service reserve account, hedge reserves and interest on reserve account ($169 million), respectively, said Adani Green in a BSE filing.

Earlier this month, the company announced a redemption plan for the $750 million Holdco notes to boost investors’ confidence. At that time, company said the outstanding amounts of the Holdco Notes shall be fully secured through cash balances set aside as part of various reserve accounts, eight months before the maturity.

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And on Monday (29 January), Adani Green told stock exchanges, “Concluded funding of entire $750 million Holdco Bond redemption resulting in significant deleveraging in AGEL by way of equity proceeds while continuing to deliver on the growth plans”.

The conglomerate’s green arm completed the funding with the receipt of the funds under the preferential allotment of 9,350 crore ($1,125 million) to the promoters of Adani Green.

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Adani Green shareholders approved the preferential allotment with 99% of the majority on 18 January and thereafter the promoters funded 2,338 crore ($281 million) primary infusion into the company last week, it said in an official statement.

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Adani Green said that it has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, post which the funding of the reserves has been completed.

Adani Green Energy shares were up 3% at 1,712 on Monday morning. The company will be announcing its December quarter results today.

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On 19 January, Adani Green Energy informed stock exchanges that its board of directors would meet on January 29 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2023.

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Published: 29 Jan 2024, 09:58 AM IST

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