It services over 12 million consumers and meets over 2,000 MW of power demand of Mumbai.
New Delhi:
/Adani Energy Solutions’/ arm /Adani Electricity Mumbai/ has announced a tender offer to buyback part of its outstanding senior secured notes worth USD 120 million, which are due in 2030.
“The distribution arm of /Adani Energy Solutions/ Ltd, /Adani Electricity Mumbai/ Limited, today announced a tender offer to buyback up to USD 120 million of its outstanding 3.949% USD 1,000 million senior secured notes due 2030,” a company statement said on Monday.
The tender offer is being fully funded through its cash surplus and internal accruals and will help reduce the leverage of the company in line with the /Adani/ portfolio companies to consistently improve financial matrices, it said.
The company will from time to time carry out similar market actions all the way to the maturity of the bonds subject to market conditions, using the available liquidity of the company.
Such market action will enhance investor confidence and support in improving current dislocation of the yield curve due to external parameters (including high interest rate environment), it said.
The buyback programme will not only stabilize the yields of its outstanding bonds but also provide a superior outcome – both to bond investors as well as shareholders.
/Adani Electricity Mumbai/ is ranked India’s No. 1 power utility, as per the Ministry of Power’s 11th Annual Integrated Rating and Ranking for Power Distribution (a report prepared by McKinsey & Company and Power Finance Corporation).
It services over 12 million consumers and meets over 2,000 MW of power demand of Mumbai.
In line with its commitments to investors and its consumers, /Adani Electricity/ said, it increased its share of power procurement from renewable sources to 30 per cent from a baseline of 3 per cent in 2019 and is committed to further increase it to 60 per cent by the end of fiscal 2027.
At the same time, it also reduced its GHG (greenhouse gas) emission intensity by 38 per cent from 2019.
/Adani Electricity/, part of the diversified /Adani Group/, is an integrated business of retail electricity distribution. /Adani Electricity/ owns and operates the largest and the most efficient power distribution network in the country.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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