Magazine

Last edition
november-december 2024

Home › Business ›Adani Green Energy to Seek Board's Approval to Raise Up to INR 8200 Crore through QIP

Adani Green Energy to Seek Board's Approval to Raise Up to INR 8200 Crore through QIP

The raised money would be used to repay an outstanding USD 750 million, three-year bond issued in 2021 which is due in 2024.

May 24, 2023. By Anurima Mondal

Adani Green Energy is set to seek board approval to raise INR 6,150 crore to INR 8,200 crore through the qualified institutional placement (QIP) route. According to the reports, Adani Enterprises and Adani Transmission previously received board fundraising approval for INR 12,500 crore and INR 8,500 crore respectively.

The raised money would be used to repay an outstanding USD 750 million, three-year bond issued in 2021 which is due in 2024. The money would reportedly be saved in a dedicated redemption reserve account and paid on the due date.

At the end of March 2023, the company had net debt of INR 51,221 crore. While it plans to repay INR 45,436 crore of long-term debt in instalments through FY33, about INR 39,600 crore of the company’s debt is linked to the operational capacity.

The company has a major repayment of INR 22,454 crore due in FY25, including repayments towards borrowings planned to be refinanced of INR 21,167 crore.

Meanwhile, Gautam Adani’s conglomerate is renegotiating the terms of its agreement with TotalEnergies for the USD 4 billion investment proposal in a green hydrogen venture.

Tags: