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.
“The Issuers intend to use all of the proceeds to repay their respective foreign currency loans, rupee borrowing and the balance of the net proceeds for capital expenditure, other project related liabilities or for general corporate purposes," the company said.
Investment banks Barclays, Citigroup, Credit Suisse, Deutsche Bank, J.P. Morgan, MUFG, and Standard Chartered Bank advised Adani Green on its bond issuance.
Mintreported on 29 September that several Adani group companies are 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.
Apart from Adani Green, which has raised $362.5 million, Adani group companies that are planning to sell dollar bonds include Adani Transmission Ltd, which is aiming 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, said a person aware of the plans.
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.