Adani Green Energy (AGEL) has announced a bond redemption plan of $ 750 million. These bonds are to mature after 8 months.
According to the company’s redemption plan, ‘the company notes worth $750 million should be fully subscribed from the cash balance held in separate reserve accounts.’
The redemption plan includes:
- 169 million dollars present in reserve account and internal sources. This includes interest on debt service reserve account, hedge reserve and reserve account.
- Total Energies to invest $300 million in 1,050 MW joint venture. These funds are lying in the Senior Debt Redemption Account of Holdco Notes.
- Fund of $ 281 million (Rs 2,338 crore) from promoter preferential allotment. The funds are expected to be deposited into the Senior Debt Redemption Account of the Holdco Notes at the end of January.
The company said that ‘With this, Adani Green has completed the Holdco Notes 8 months before maturity. This has led to large-scale deleveraging in AGEL through equity proceeds, while work on development plans continues.
