Adani Green Energy Completes Funding Of Reserves For Usd 750 Million Holdco Bond

The shareholders of AGEL approved the preferential allotment with an overwhelming 99.9 per cent majority on 18 January 2024 and thereafter the promoters funded Rs 2,338 Cr (USD 281 million) primary infusion into AGEL last week.

AGEL has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, post which the funding of the reserves has been completed.

With the above, the entire bond redemptions are fully set aside in the respective accounts by way of term fixed deposits which can be utilised only for the redemption of the Holdco Notes.

The Adani Group said in the release that underpinning the repayment was the successful equity capital raise program of USD 1.425 billion (includes USD 1.125 billion of preferential issuance by promoters and USD 300 million from TotalEnergies JV), reflecting the deep interest of long-term investors, strategic partners, coupled with unwavering promoter commitment to meet AGEL’s strategic priorities of achieving its target of 45 GW by 2030.