Adani Green to raise $410mn via bond issuance: Here's why
What's the story
Adani Green Energy Ltd. is set to raise around $410 million (approximately Rs. 3,420 crore) through a new bond issuance, as reported in a Singapore stock exchange filing.
The funds will be utilized to refinance a dollar note due in roughly a year.
This refinancing strategy pertains to Adani Green's $500 million bond, which is set to mature on December 10, 2024, and meets a condition specified in the note's terms.
Details
Second refinancing plan by Adani Group's solar-energy unit
This announcement is the second of its kind in recent days by Adani Group's solar-energy subsidiary, which has revealed plans to refinance maturing dollar debt.
The company previously disclosed another plan to repay a $750 million bond due next September.
Billionaire Gautam Adani's conglomerate's finances have been under scrutiny since January this year when US-based short-seller Hindenburg Research accused the group of corporate fraud, a claim the group has consistently denied.
What Next?
Adani executives reassure investors with various steps
To address Hindenburg Research's allegations, Adani executives have implemented various measures to reassure investors.
These actions include prepaying debt and repurchasing bonds.
Just last week, Adani Green secured a $1.4 billion loan for a renewable energy project, sparking a stock rally in the conglomerate's units and increasing their combined market value by $23 billion.