Three subsidiaries of Adani Green Energy Ltd (AGEL) – Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd and Parampujya Solar Energy Pvt Ltd, collectively housing 930MW of operational solar power projects – have raised Rs 612.30 crore through their first national bond issue, on the basis of a private placement, the company said in a statement on Friday.
Listed, listed, secured, redeemable and non-convertible (NCD) debentures with a face value of Rs 10,000,000 each, in several series, have an average annualized coupon rate of 7.83% per annum (fixed) and a duration up to approximately 12 years, the statement reads further.
Read also : Adani Green Energy’s net profit increases by 14% to Rs 49 cr
The proceeds of the NCDs will be used to partially refinance the existing term loan into higher interest bearing rupees. NCDs are rated AA/Stable by CRISIL Limited and AA(CE)/Stable by India Ratings. The NCDs will be listed on the BSE Limited Wholesale Debt 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 Adani Green Energy Ltd.
“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 places the company on a stronger platform for long-term growth,” he added.
Adani Green Energy, part of India’s Adani Group, has one of the world’s largest renewable energy portfolios with an overall portfolio of 20.3 GW 3 comprising assets in operation, under construction, awarded and under construction. acquisition intended for prime counterparties.
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The Company develops, builds, owns, operates and maintains large-scale grid-connected solar and wind farm projects. AGEL’s main customers are Solar Energy Corporation of India (SECI), NTPC and various state discoms.
Listed in 2018, AGEL is a $40 billion market capitalization company helping India achieve its COP21 goals.
On Wednesday, the company recorded an increase of almost 20% in its consolidated net profit to Rs 49 crore in the October-December quarter compared to the year-ago period, mainly on the back of higher revenues.
It had reported a consolidated net profit of Rs 41 crore in the quarter ended December 31, 2020, according to a BSE filing.
The company’s total revenue rose to Rs 1,471 crore in the quarter from Rs 843 crore in the same period a year ago.