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Adani Green Energy Limited (AGEL), the green arm of the Adani conglomerate, successfully secured funding for a $750 Mn Holdco Bond. The funds were obtained through various sources, including $300 Mn from TotalEnergies JV Proceeds, $281 Mn from promoters' preferential allotment, and $169 Mn from debt service reserve account, hedge reserves, and interest on reserve account. This move is part of AGEL's redemption plan for the Holdco notes, aiming to boost investor confidence by securing outstanding amounts through cash reserves eight months before maturity.
The funding was completed with the receipt of funds from the preferential allotment of ₹9,350 cr ($1,125 Mn) to AGEL's promoters. Shareholders approved the allotment on January 18, and the promoters injected ₹2,338 cr ($281 Mn) as primary infusion last week. AGEL stated that the funds were set aside in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, completing the funding of the reserves and significantly reducing AGEL's leverage through equity proceeds. Adani Green Energy shares saw a 3% increase, reaching ₹1,712 on Monday morning.
The company is set to announce its December quarter results today, following a board meeting on January 29 to consider and approve the unaudited financial results for the quarter and nine months ending December 31, 2023. The successful completion of the funding and redemption plan aligns with AGEL's commitment to both deleverage and continue its growth plans.
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