Adani Green Energy will redeem $750 million Holdco bonds eight months before maturity, this is the plan
Adani Green Energy Limited: The promoters of Adani Green Energy have benefited financially from a preferential allocation of Rs 9,350 crore. The business has been able to get rid of these notes as a result.
The Adani Group company Adani Green Energy declared on Monday that it would fully redeem 4.375 notes, or Holdco Notes, valued at $750 million. Eight months before the notes' September 9, 2024, maturity date, the business plans to redeem them.
Rs 9,350 crore was given to Adani Green Energy Limited's promoters as part of a preferential allotment. The business has been able to get rid of these notes as a result.
AGEN shareholders approved the preferential allotment with an overwhelming 99.9% majority on January 18, 2024, following which the promoters made a primary investment of Rs 2,338 crore (US$281 million) in AGEN last week. Funding of the reserves is complete after AGEN has set aside funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes.
The outstanding amount of the Holdco Notes will be fully securitized eight months before maturity through cash balances set aside as part of multiple reserve accounts securing the Holdco Notes, a press release from the company said.
The repayment is based on the successful equity capital raising program of $1.425 billion, which includes a preferential issue of $1.125 billion from the promoters and $300 million from Total Energies.
