Adani Green Secures Reserves Funding for $750 Million Holdco Bond

By siliconindia  |  Monday, 29 January 2024, 11:34:55 AM IST

Adani Green Secures Reserves Funding for $750 Million Holdco Bond
Adani Green Energy Limited (AGEL) has successfully secured funding for the $750 million 4,375 Holdco Notes maturing on September 9, 2024. This was accomplished through a preferential allotment of Rs 9,350 crore ($1,125 million) to the company's promoters. Following approval from shareholders, the promoters injected $2,338 crore ($281 million) into the company last week. "AGEL has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, after which the funding of the reserves has been completed", it said.
Earlier this month, Adani Green disclosed its redemption strategy for the $750 million bonds. In addition to the preferential allotment to the promoters, the company outlined that it had $169 million in reserve accounts and an additional $300 million from a transaction concluded with TotalEnergies in December 2023. The $300 million was deposited in the SDRA on January 3, and an additional $281 million was injected through preferential allotment on January 25. The remaining $169 million will be covered by the accumulated balance in the reserve account.
"With the above, the entire bond redemptions are fully set aside in the respective accounts by way of term fixed deposits which can be utilized only for the redemption of the Holdco Notes", it said. The company added that the capital raise showed the "deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL's strategic priorities of achieving its target of 45 GW by 2030".  Adani Green's shares were trading nearly 4 percent in the green at Rs 1,729.95 apiece on BSE. It will also report its Q3 results today. 

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