Adani Green completes funding of reserves for $750 million Holdco Bond

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Adani Green Energy Limited (AGEL) on Monday announced that it has completed the funding for the $750 million 4,375 Holdco Notes due on September 9, 2024, with the receipt of the funds under the preferential allotment of Rs 9,350 crore ($1,125 million) to the promoters of the company.


The company said that after the shareholders’ nod, the promoters infused $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.


Adani Green had announced the redemption plan for the $750 million bonds earlier this month. Apart from the preferential allotment to the promoters, the company had said that it had $169 million in reserve accounts and another $300 million from a deal closed with TotalEnergies in December 2023.


On Monday, it said that the $300 million was funded in the SDRA on January 3 and another $281 from preferential allotment on January 25. $169 million will be met through 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 utilised 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.”


On Monday, at 10 am, Adani Green’s shares were trading nearly 4 per cent in the green at Rs 1,729.95 apiece on BSE. It will also report its Q3 results today. 

First Published: Jan 29 2024 | 10:06 AM IST