Adani Green Energy Ltd (AGEL) on Monday announced a plan to ensure the redemption of its $750 million bonds eight months ahead of their maturity as it looks to boost investor confidence on its financial health.
It had raised this amount through non-convertible debentures (NCDs) which will mature in September.
“AGEL has announced the redemption plan for the $750 million 4.375 notes due September 9, 2024 (Holdco Notes),” the company said in a statement.
It disclosed that while $169 million has been put through reserve accounts and internal accruals, another $300 million has recently been invested by TotalEnergies through a joint venture.
The remaining $281 million has been secured through promoter preferential allotment.
“As a result, the entire amount of the $750 million Holdco Notes is fully secured eight months prior to its maturity date,” the company added.
ACC stake in ACCPL
ACC on Monday said it has acquired the remaining 55 per cent stake in Asian Concretes and Cements Pvt Ltd (ACCPL) from its existing promoter at an enterprise value of Rs 775 crore.
ACC said the transaction will be completed in seven days and that the cost of acquisition is Rs 425.96 crore for a 55 per cent stake.
The enterprise value includes cash and cash equivalent of Rs 35 crore, it added.
TN investment
The Adani group has committed investments to the tune of Rs 42,700 crore in Tamil Nadu on the second day of the Global Investors Meet 2024 on Monday.
The biggest investment of Rs 24,500 crore would be made by Adani Green Energy Ltd in three pump storage projects in the next five to seven years, the group said.
Adani ConneX, the hyperscale data centre provider, would pump in Rs 13,200 crore for setting up a data centre, while Ambuja Cements has committed Rs 3,500 crore.
