Three subsidiaries of Adani Green Energy Ltd – 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 cr by their maiden domestic bond issuance, on private placement basis.
The Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) of face value of Rs 10,00,000 each, in multiple series, have an average annualized coupon rate of 7.83% p.a. (fixed) and a tenure upto ~12 years, according to the statement.
The proceeds from the NCDs will be utilised to part-refinance existing rupee term loan bearing higher interest cost. The NCDs are rated AA/Stable by CRISIL Limited and AA(CE)/Stable by India Ratings. The NCDs will be listed on the Wholesale Debt market segment of BSE Limited, a statement said.
“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 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.”
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