Adani Green Energy unveils $ 750 mn Holdco Bond Redemption Plan

10 Jan 2024 CW Team

According to information, the company had initiated plans to repay the $ 750 million 4.375 notes (Holdco Notes) scheduled for maturity on September 9, 2024. In September 2023, the company announced that the bond's underwriters would furnish a funding letter for $ 675 million and detailed $ 75.47 million in restricted reserves.

The redemption strategy outlined for the Holdco Notes encompasses various components:

1. Amounts in the reserve accounts and internal accruals: $ 169 million, covering the debt service reserve account, hedge reserves, and interest on reserve account.

2. TotalEnergies 1,050 MW JV Consideration: $ 300 million, involving a transaction that was already concluded on December 26, 2023, with the funds held in the senior debt redemption account (SDRA) of the Holdco notes.

3. Proceeds from the initial tranche of the promoter preferential allotment: Approximately $ 281 million, expected to be received by the end of January 2024, with the funds designated for deposit into the SDRA of the Holdco notes.

AGEL's objective in implementing this redemption plan is to ensure the complete security of the entire $750 million Holdco Notes, achieving this milestone eight months before the scheduled maturity date.

The company accomplished this goal by raising a total of $1.425 billion, comprising $1.125 billion from a preferential issuance by promoters and $300 million from the TotalEnergies JV through an equity capital raise program.

AGEL emphasised that this strategic move reflects the profound interest of long-term investors and strategic partners, along with the unwavering commitment of the promoters to meet AGEL's strategic priorities, particularly the target of achieving 45 GW by 2030.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Adani Green Energy (AGEL) revealed its intention to completely redeem its $ 750 million bond set to mature in September, with the aim of boosting investor confidence amidst recent market challenges. To secure the outstanding amounts of these notes, the company plans to utilise cash balances allocated in various reserve accounts, ensuring complete security eight months before the maturity date. According to information, the company had initiated plans to repay the $ 750 million 4.375 notes (Holdco Notes) scheduled for maturity on September 9, 2024. In September 2023, the company announced that the bond's underwriters would furnish a funding letter for $ 675 million and detailed $ 75.47 million in restricted reserves. The redemption strategy outlined for the Holdco Notes encompasses various components: 1. Amounts in the reserve accounts and internal accruals: $ 169 million, covering the debt service reserve account, hedge reserves, and interest on reserve account. 2. TotalEnergies 1,050 MW JV Consideration: $ 300 million, involving a transaction that was already concluded on December 26, 2023, with the funds held in the senior debt redemption account (SDRA) of the Holdco notes. 3. Proceeds from the initial tranche of the promoter preferential allotment: Approximately $ 281 million, expected to be received by the end of January 2024, with the funds designated for deposit into the SDRA of the Holdco notes. AGEL's objective in implementing this redemption plan is to ensure the complete security of the entire $750 million Holdco Notes, achieving this milestone eight months before the scheduled maturity date. The company accomplished this goal by raising a total of $1.425 billion, comprising $1.125 billion from a preferential issuance by promoters and $300 million from the TotalEnergies JV through an equity capital raise program. AGEL emphasised that this strategic move reflects the profound interest of long-term investors and strategic partners, along with the unwavering commitment of the promoters to meet AGEL's strategic priorities, particularly the target of achieving 45 GW by 2030.

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Real Estate

26 Jun 2026

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

Infrastructure Urban

26 Jun 2026

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..