Adani Green to raise Rs 9K cr from promoters
时间:2024-06-26 07:29:46 阅读(143)
The promoters of Adani Green Energy (AGEL), the renewable energy arm of Adani Group, will infuse `9,350 crore ($1.13 billion) in the company that would be used to cut debt. This transaction follows a $1.4-billion debt raised earlier this month and takes the total capital raised to $3 billion.The company’s board on Tuesday approved a proposal to issue 63.1 million warrants at `1,480.75 per share to the promoters for the fundraise. The funds will be utilised for deleveraging and accelerating growth spends, AGEL said in a regulatory update.
“This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favourably positioned to achieve its accelerated growth trajectory,” Adani Group chairman Gautam Adani said.
The infusion of Rs 9,350 crore would also help AGEL achieve its target of 45 GW capacity by 2030. The company has 20.6 GW locked in capacity and land of over 200,000-acre across the country. Earlier in December, AGEL raised a follow-on funding of $1.36 billion from a consortium of eight leading international banks for construction of 2,167 MW solar power projects in Gujarat.AGEL signed the agreements with BNP Paribas, Coöperatieve Rabobank UA, DBS Bank, Intesa Sanpaolo SpA, MUFG Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation for the senior debt facility. All the banks are returning lenders and instrumental in establishing AGEL’s Construction Financing Framework since March 2021.
In addition, AGEL has announced $1.43 billion of equity capital ($1.13 billion from preferential issuance by promoters and $300 million from French petroleum major TotalEnergies SE), totalling about $3 billion. In September, TotalEnergies announced a plan to invest $300 million for a new joint venture with AGEL to set up projects with a total portfolio of 1,050 MW. While TotalEnergies would bring in the equity investment, AGEL will provide its assets to the JV. The deal will enable AGEL to emerge as the leader in renewable energy. TotalEnergies holds a 19.75% stake in AGEL.
Earlier this month, AGEL proposed to repay $750-million bonds on its due date of September 8, 2024, itself. The secure senior notes have a coupon rate of 4.375%. AGEL had also asked the underwriters of the bond to provide a funding letter for $675 million and it will use equity transaction proceeds to build up the repayment sum.On Tuesday, shares of AGEL ended up 4.30% at `1,599.90 on the BSE.
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Retail inflation in milk was reported at 8.85% in May 2023. The milk inflation has remained elevated at over 6% since August 2022. Despite India being the largest milk producer since 1998, the commodity has been the second biggest factor after cereals such as rice and wheat in driving up retail inflation in the last fiscal.
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“Milk production has been impacted by a lumpy skin disease infecting millions of cattle in late 2022,” the ministry said in the monthly economic review, adding that the vaccination drive against the disease is expected to curb the spread and immune the cattle against the skin disease.
According to official data, currently India is the world’s largest milk producer, and has a share of 23% in global milk production. For the first time in decades, the country’s milk production is likely to have stagnated in 2022-23 due to Lumpy Skin Disease in cattle across several states and the lagged effect of Covid-19 in the form of stunting of the animals, a senior official with department of animal husbandry and dairying recently had stated. The milk production was estimated at 221 million tonne in 2021-22.
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