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 930 MW of operational solar power projects - have raised Rs 612.30 crore by their maiden domestic bond issuance, on private placement basis, the company said in a statement on Friday.
The rated, listed, secured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each, in multiple series, have an average annualised coupon rate of 7.83 per cent p.a. (fixed) and a tenure up to around 12 years, the statement read further.
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.
"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 part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.3 GW 3 including operating, under-construction, awarded and assets under acquisition catering to investment-grade counterparties.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), NTPC and various state discoms.
Listed in 2018, AGEL is a $40 billion market cap company helping India meet its COP21 goals.
The company on Wednesday posted a nearly 20 per cent rise 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 on December 31, 2020, a BSE filing stated.
The total income of the company rose to Rs 1,471 crore in the quarter from Rs 843 crore in the same period a year ago.
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