The proceeds from the NCDs (bonds) will be utilised to part-refinance existing rupee term loan bearing higher interest cost
Three subsididaries of Gautam Adani-led Adani Green Energy Ltd (AGEL)– Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd and Parampujya Solar Energy Pvt Ltd– have collectively raised Rs 612.30 crore through domestic bond issue on private placement basis for debt refinancing.
“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,” a company statement said.
As per the statement, 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.
“Optimization of the cost of borrowing is key to our capital management program and this transaction reinforces the company’s strategy,” said Vneet S Jaain, 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 fund raising at favourable terms. This puts the company on a more solid platform for long-term growth.”
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.
