Adani Green Unit Secures Funding to Redeem $750M Bond, Significantly Deleveraging

• Adani Green Energy secures funding to redeem $750 million bond, improving access to offshore financing and strengthening its balance sheet. Shares in Adani Enterprises also gain momentum.

Adani Green Energy Ltd., the renewable energy unit of billionaire Gautam Adani's conglomerate, has secured funding to redeem its $750 million bond due in September. The company announced that $281 million would come from the preferential allotment of promoter shares, $300 million from a joint venture with TotalEnergies SE, and $169 million from financial reserves. This move has resulted in significant deleveraging for the company. Adani Green Energy has been working to reduce debt and attract new backers following allegations of fraud made by US short-seller Hindenburg Research last year.

The successful redemption of the bond could improve Adani Green Energy's access to project-backed financing in offshore markets. The company relied on capital from the Adani family and TotalEnergies to fund the redemption, strengthening its balance sheet. The bond, which had recouped losses caused by the Hindenburg allegations, rose 0.7 cents on the dollar to 97.87 cents per dollar on Monday. Additionally, shares in Adani Enterprises, the flagship company of the Adani Group, gained after Cantor Fitzgerald initiated coverage of the stock with an overweight recommendation.

How did Adani Green Energy secure funding to redeem its $750 million bond?

• Adani Green Energy secured funding to redeem its $750 million bond through multiple sources.
• $281 million came from the preferential allotment of promoter shares.
• $300 million was obtained through a joint venture with TotalEnergies SE.
• $169 million was sourced from the company's financial reserves.
• This funding has resulted in significant deleveraging for Adani Green Energy.
• The successful redemption of the bond could improve the company's access to project-backed financing in offshore markets.
• Adani Green Energy relied on capital from the Adani family and TotalEnergies to strengthen its balance sheet.
• The bond, which had recouped losses caused by allegations of fraud, rose 0.7 cents on the dollar to 97.87 cents per dollar.
• Adani Enterprises, the flagship company of the Adani Group, experienced a gain in shares after Cantor Fitzgerald initiated coverage of the stock with an overweight recommendation.