Adani Green Energy surges; stock up over 67% in five weeks

Adani Green Energy Ltd

Mumbai: Shares of Adani Green Energy Ltd have surged over 67% in the last five weeks, backed by heavy volumes. The stock has been gaining since 4 September, and was up in 16 of 22 session.

On Wednesday, the scrip traded an all-time high of ?72.80, rising as much as 7%. So far this year, it has risen 71%.

On 4 October, the company informed exchanges that it has raised $362.50 million via a dollar bond issuance. The dollar bonds, which have a maturity of 20 years, bear an interest rate of 4.625%.

The proceeds raised through the bond issuance will be used explicitly for three subsidiaries of Adani Green– Wardha Solar (Maharashtra) Pvt Ltd, Kodangal Solar Park Pvt Ltd and Adani Renewable Energy (RJ) Ltd–to repay their respective foreign currency loans, rupee borrowings, whilethe balance of the net proceeds will be used for capital expenditure, and other project related liabilities or for general purposes.

Mint reported on 29 September that several Adani group companies were preparing to raise as much as $2 billion by selling dollar-denominated bonds as the group seeks to refinance a bulk of its local debt and diversify its creditor base.

Adani group companies that plan to sell dollar bonds include Adani Transmission Ltd, which aims to raise between $750 million and $1 billion, and its unit, Adani Electricity Mumbai Ltd, which is looking to raise as much as $500 million, the Mint report added.

In July, Adani Ports and Special Economic Zone Ltd raised $650 million to buy back bonds of a similar amount, which were due next year, and in June, it raised $750 million through a separate bond sale. In May, Adani Green Energy raised $500 million through an offshore bond offering.

News Source: livemint

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