Update: Adani Green’s Dollar Bonds Oversubscribed by Three Times

Exceeding expectations, Adani green which issued dollar-denominated bonds worth $500 Million was oversubscribed almost three times.

One of India’s leading solar power generation & manufacturing company Adani Green Energy successfully raised $500 million (about Rs 3,490 crore) from an overseas debt sale. Beating expectations the Renewable power company obtained subscriptions about three times more than bonds on offer.

According to the market reports, Eastspring, Harvest, Manulife, Payden, Lazard Masfi, and Morgan Stanley were among the investors that bid for the bonds. Individual investors, however, are yet to respond.

The Indian arm of Adani Group received subscriptions worth about $1.5 billion, although the company would not retain bids beyond $500 million, according to Adani Green. About a third of the offers came from US-based investors. The company added that the money would be used to fund growth and repay debt.

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Adani Green Energy on Friday had said the boards of its three subsidiaries approved the pricing, tenure and other terms for issuing dollar-denominated bonds worth $500 million. According to a BSE filing, the boards of Adani Green Energy (UP), Parampujya Solar Energy Private and Prayatna Developers Private have approved the issuance of “USD-denominated Rule 144A / Reg S 5.5-years senior secured green bonds (Notes) aggregating to $500 million.”

“The issuers (three arms) intend to use all of the proceeds to repay their respective external commercial borrowing loans, and the balance of the net proceeds for capital expenditure, other project related liabilities or for on-lending to other subsidiaries of the company, in accordance with guidelines prescribed by RBI,” the filing added. The bonds were listed on the Singapore Exchange Securities Trading Ltd (SGX- ST) and India International Exchange (iFSC), it said.

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