Three branches of Adani Green Energy Ltd (AGEL) have collectively raised Rs 612.30 crore through their first national bond issue on the basis of private placement for debt refinancing.
According to a company statement, the listed, listed, secured, redeemable and non-convertible (NCD) debentures with a face value of Rs 10 lakh each, in several series, have an average annualized coupon rate of 7.83% per year (fixed) and a term of up to 12 years.
He said the proceeds from the NCDs (bonds) will be used to partially refinance the existing higher interest bearing rupee term loans.
”Three subsidiaries of AGEL – Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd and Parampujya Solar Energy Pvt Ltd, collectively hosting 930 MW of operational solar power projects – have raised Rs 612.30 crore through their first issuance of national bonds, on the basis of a private placement,” the statement said.
NCDs are rated AA/Stable by CRISIL and AA(CE)/Stable by India Ratings. MNT will be listed on the BSE Debt Wholesale Market segment.
“Optimizing the cost of borrowing is key to our capital management program and this transaction reinforces the company’s strategy,” said Vneet S Jaain, Managing Director and CEO of AGEL.
”We are encouraged by the strong support from the financial community, which recognizes the strength of the company’s business model and our approach to capital management. We were able to manage this fundraising on favorable terms. This puts the company on a stronger platform for long-term growth. The issuance’s success in the domestic debt market will open up a new source of funding, allowing greater flexibility in capital structure while reducing interest costs.
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