MUMBAI (Reuters) – India’s Adani Green Energy Ltd said on Monday it plans to redeem $750 million worth of notes due on Sept. 9, eight months before they mature.
The company, part of billionaire Gautam-Adani’s ports-to-power conglomerate, said it will pay $169 million from its reserves and internal accruals, and $300 million from the consideration from a joint venture with TotalEnergies Renewables.
It expects the remaining $281 million to come by the end of this month from the initial tranche from a preferential issue of warrants.
This, the company said, will also result in significant deleveraging by way of equity proceeds.
Adani Green said the notes are holdco, or holding company, notes. Around 56% of Adani Green is held by Adani family groups.
Adani Green may tap the overseas bond market and issue Regulation-S and Regulation-D bonds in 2024, Adani Group Chief Financial Officer Jugeshinder Singh said in December.
The company will need to raise $350 million via notes to refinance debt maturing in December 2024, Singh had said.
(Reporting by Bhakti Tambe; Editing by Savio D’Souza)