Adani Green Energy raised Rs 612.30 crore to refinance its debt
Rated, listed, secured, redeemable, non-convertible debentures (NCDs) with a face value of Rs 10,00,000 each had an average annualised coupon rate of 7.83 percent
Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd, and Parampujya Solar Energy Pvt Ltd, all of which have 930 MW of operational solar power projects, have raised Rs 612.30 crore through their maiden domestic bond issuance on a private placement basis, according to a statement released by the company on Friday.
The rated, listed, secured, redeemable, non-convertible debentures (NCDs) in various series, each with a face value of Rs 10,00,000, have an average annualised coupon rate of 7.83 percent p.a. (fixed) and a duration of up to 12 years, according to the statement.
The NCD profits would be used to partially repay an existing rupee term loan at a higher interest rate. CRISIL Limited has assigned the NCDs an AA/Stable rating, while India Ratings has assigned an AA(CE)/Stable rating. The NCDs would be listed on BSE Limited's Wholesale Debt market segment.
"Optimisation 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 Adani Green Energy Ltd.
"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 favorable terms. This puts the Company on a more solid platform for long-term growth," he added.
Adani Green Energy, a subsidiary of India's Adani Group, has one of the world's largest renewable portfolios, with a total capacity of 20.3 GW 3 that includes operational, under-construction, awarded, and under-acquisition assets catering to investment-grade counterparties.
Utility-scale grid-connected solar and wind farm projects are developed, built, owned, operated, and maintained by the company. Solar Energy Corporation of India (SECI), NTPC, and different state discoms are among AGEL's key customers.
AGEL, a $40 billion market cap firm that helped India reach its COP21 commitments, was listed in 2018.
The company announced on Wednesday that its consolidated net profit increased about 20% to Rs 49 crore in the October-December quarter compared to the year-ago period, owing to greater revenues.
Adani Green Energy, a subsidiary of India's Adani Group, has one of the world's largest renewable portfolios, with a total capacity of 20.3 GW 3 that includes operational, under-construction, awarded, and under-acquisition assets catering to investment-grade counterparties.
Utility-scale grid-connected solar and wind farm projects are developed, built, owned, operated, and maintained by the company. Solar Energy Corporation of India (SECI), NTPC, and different state discoms are among AGEL's key customers.
AGEL, a $40 billion market cap firm that helped India reach its COP21 commitments, was listed in 2018.
The company announced on Wednesday that its consolidated net profit increased about 20% to Rs 49 crore in the October-December quarter compared to the year-ago period, owing to greater revenues.
According to a BSE statement, it made a consolidated net profit of Rs 41 crore in the quarter ended December 31, 2020.
The company's total income increased to Rs 1,471 crore in the quarter, up from Rs 843 crore a year ago.
