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Homechevron_rightBusinesschevron_rightAdani Electricity...

Adani Electricity Mumbai announces $120 million buyback of senior secured notes


Mumbai: Adani Electricity Mumbai, a division of Adani Energy Solutions Ltd, has disclosed its intention to conduct a tender offer to repurchase a portion of its outstanding senior secured notes valued at USD 120 million, maturing in 2030.

In an official statement released on Monday, the company outlined its strategy to buy backup to USD 120 million worth of 3.949% USD 1,000 million senior secured notes scheduled to mature in 2030. The initiative is aimed at being fully funded through internal accruals and cash surplus, intending to curtail the company's leverage in harmony with the overall objectives of Adani portfolio companies in augmenting financial performance.

This buyback endeavour is seen as part of the company's continuous efforts to bolster its financial stability, ensuring consistent enhancements in its financial metrics. The firm plans to execute similar market actions regularly until the maturity of the bonds, depending on market conditions, utilising the company's available liquidity.

The company's move is intended to stabilise the yields of its existing bonds while providing an improved outcome for both bond investors and shareholders, consequently reinforcing investor confidence.

Adani Electricity Mumbai, renowned as India's top power utility according to the Ministry of Power's 11th Annual Integrated Rating and Ranking for Power Distribution, caters to a consumer base exceeding 12 million and meets a power demand of over 2,000 MW in Mumbai.

In line with its commitments to investors and consumers, Adani Electricity has substantially increased its procurement of power from renewable sources, elevating it to 30% from a base of 3% in 2019. The company has set ambitious goals to further escalate this figure to 60% by the conclusion of fiscal 2027.

Additionally, the company has reported a noteworthy reduction of 38% in greenhouse gas emission intensity from 2019, displaying its dedication to environmental sustainability.

Adani Electricity, an integral part of the Adani Group, operates the country's largest and most efficient power distribution network, demonstrating its strong position within the energy sector.

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