Navigate India's diverse landscape with IndiDNA

admin@indidna.com

USA Finance Digest is your one-stop destination for the latest financial news and insights

0
0
0
0
Contact Us
Navigate India's diverse landscape with IndiDNA
0
0
0
Popular
B Business

/Adani Electricity/ Announces Repurchase of $120 Million Senior Secured Notes

Emily Wilson
November 15, 2023
2 min read
0
Share
0
0
0

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.)

Waiting for response to load…

Share this article
0
0
0
Shareable URL
Emily Wilson
Prev Post

5 Facts About The Founder Of Sahara Group
Next Post

Rohit Sharma Confident Ahead of 2023 Cricket World Cup Semi-Final Against New Zealand
Leave a Reply

Your email address will not be published. Required fields are marked *

Read next

to reduce retail inflation RBI Bulletin: Examining the Impact of Monetary Policy and Supply-Side Interventions on Retail Inflation [ad_1] <!– –>RBI Bulletin said tightening financial conditions is major risk to global outlook (Representational)Mumbai: A Reserve Bank Bulletin on Thursday said retail inflation has moderated due to monetary policy action and supply-side interventions, but “we are not out of the woods yet and have miles to go”.An article on the state of the economy in the November Bulletin also noted that the global economy is showing signs of slowing down in the ongoing quarter as manufacturing languishes while services sector activity appears to have reached the end of its post-pandemic expansion.Going forward, it said tightening financial conditions is a significant risk to the global outlook.”In India, the momentum of the change in GDP is sequentially expected to be higher in Q3, 2023-24, with festival demand remaining ebullient,” the article authored by a team lead by RBI Deputy Governor Michael Debabrata Patra said.The authors said investment demand appears to be resilient with the government’s infrastructure spending, an uptick in private capex, automation, digitalisation, and indigenisation providing a boost.Referring to the headline inflation based on Consumer Price Index (CPI), the article said a combination of monetary policy action and supply-side interventions guided inflation down from the high reaches to which it had climbed through the first seven months of 2022-23.In fact, November 2022 was the first month when headline inflation dropped back into the RBI’s tolerance band of 2-6 percent in the whole calendar year.”We are not out of the woods yet and have miles to go, but readings of around 5 percent and 4.9 percent in September and October, respectively, are a welcome relief from the average of 6.7 percent in 2022-23 and 7.1 percent in July-August 2023,” it said.The RBI, however, said the views expressed in the article are of the authors and do not represent the views of the central bank.The article further said India’s external sector has remained viable, with a modest Current Account Deficit (CAD) financed by resilient capital flows, one of the least volatile currencies in the world and a healthy level of foreign exchange reserves.The momentum of growth has picked up, taking GDP well above pre-pandemic levels to becoming the fifth largest economy in the world at market exchange rates, it added.”Steadfast policy initiatives are showing results, with the financial sector exhibiting soundness and supporting the credit needs of a resurgent economy,” it said.The 37th edition of the State of the Economy article marks the third year of its revival after a long hiatus of 25 years.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)Waiting for response to load… [ad_2]

November 17, 2023
0 min read
Read More