Adani Group's Refinancing Plan For Adani Green Energy Bonds To Be Ready By June, Reveals Report

Adani Green Energy has a refinancing plan which the company plans to disclose after the f year ends.

What Happened? The Adani Group has decided to announce the refinancing plan of one of its key subsidiaries, Adani Green Energy, by June-end, reveals a Reuters report quoting an executive who had just gotten off a call with bondholders on Thursday.

The embattled conglomerate also plans to fully finance Adani Green Energy’s $500 million (₹4,138 crore) ‘Restricted Group 1’ bond due in December 2024 with a 15-year fully amortising privately placed paper, per the report.

The Adani Group, in a bid to avoid potential margin calls, also plans to completely pre-pay all loans against shares over the next 20 days to ensure that after debt repayment, borrowings are not linked to the value of the share.

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The management went on to assure investors that a finance plan for the $750 million (₹6,208 crore) bond will be ready by the end of June 2023 as it is one of the most “mispriced and volatile” papers to exist in the market.

It is worth recalling that a couple of key rating agencies in S&P Global and Moody’s this month revised their outlooks for a few Adani Group companies to negative from stable.

In a bid to calm investors, the conglomerate said earlier this week that its companies are not faced with any material refinancing risk or near-term liquidity issues.

Price Action: Adani Green Energy shares were trading 2.52% higher at ₹632.70 on Friday, shortly after markets opened for trading.

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Posted In: adani green energyadani green energy bondsAdani Groupbond repaymentforeign-currency bondsGautam Adani