Adani Green Energy to Raise $410 Million in Bond Issuance for Refinancing

Adani Green Energy to Raise $410 Million in Bond Issuance for Refinancing

VoM News Desk | December 11, 2023 | 03:16 PM IST | Breaking News | Follow on Google News

Adani Green Energy to Raise $410 Million in Bond Issuance for Refinancing Image/Reuters

Adani Green Energy to Raise $410 Million in Bond Issuance for Refinancing

Adani Green Energy Ltd. has disclosed plans to raise approximately $410 million through a new bond issuance aimed at refinancing a dollar note that matures in about a year, as outlined in a filing to Singapore’s stock exchange.

This move addresses the terms laid out in the Dec. 10, 2024, bond issuance of $500 million, as per the filing dated Dec. 8.

This announcement represents the second such strategy revealed recently by the Adani Group’s solar-energy division to refinance maturing dollar debts, following a similar plan to repay a $750 million bond scheduled for next September.

The financial situation of Gautam Adani’s conglomerate garnered attention from investors following allegations of corporate fraud made by US short seller Hindenburg Research earlier this year, contentions that the group has consistently refuted.

To instill confidence among investors post the January allegations, Adani executives have undertaken various measures, including debt prepayment and bond repurchases.

In a recent development, Adani Green successfully secured a $1.4 billion loan for a renewable energy project. This move sparked a surge in the conglomerate’s stock prices, collectively increasing their market value by $23 billion.

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