Adani Green Energy Limited (AGEL) has completed the funding for the USD 750 million 4.375 notes due 09 September 2024 (Holdco Notes) with the receipt of the funds under the preferential allotment of Rs 9,350 Cr (USD 1,125 million) to the promoters of AGEL, the company on Monday announced through an exchange filing.
The shareholders of AGEL, approved the preferential allotment with overwhelming 99.9 per cent majority on 18 January 2024 and thereafter the promoters funded Rs 2,338 Cr (USD 281 million) primary infusion into AGEL last week. AGEL has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, post which the funding of the reserves has been completed.
Funding through various sectors
Adani Green Energy has successfully secured a total funding of USD 750 million through various sources. A significant portion of this funding, amounting to USD 300 million, was obtained through the TotalEnergies joint venture proceeds, and it was officially funded in the Special Drawing Rights Account on January 3, 2024. Additionally, a sum of USD 281 million was raised through a Promoter Preferential Allotment, with the funds being credited to the Special Drawing Rights Account on January 25, 2024. Furthermore, an accumulated balance of USD 169 million in the Debt Service Reserve Account, Hedge Reserves, and Interest on Reserve Account contributed to the overall funding.
Underpinning the repayment is the successful equity capital raise program of USD 1.425 billion (includes USD 1.125 billion of preferential issuance by promoters and USD 300 million from TotalEnergies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL’s strategic priorities of achieving its target of 45 GW by 2030.
Adani Green Energy Limited shares
The shares of Adani Green Energy Limited on Monday at 9:52 am IST were at Rs 1,722.55, up by 3.47 per cent.
