Adani Energy Share Price: Adani Announces Cash Tender Offer To Buyback Up To $120 Million Bonds

Adani Energy Solutions-backed distribution arm, Adani Electricity has announced a tender offer to buy-back up to 120 million dollars of its outstanding 3.949% $1,000 million senior secured notes due 2030. The company will fund tender offers through internal accruals and cash surplus.

The tender offer is further expected to reduce the leverage of the company in line with the Adani portfolio companies to consistently improve financial matrices. 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.

Also, such a market is expected to enhance investor confidence and support in improving the current dislocation of the yield curve due to external parameters (including a high interest rate environment). 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's primary and most preferred power utility, 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 in Mumbai.

Further, in line with its commitments to investors and its consumers, Adani Electricity increased its share of power
procurement from renewable sources to 30% from a baseline of 3% in 2019 and is committed to further increasing it to 60% by the end of fiscal 2027. At the same time, it also reduced its GHG emission intensity
by 38% 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 most efficient power distribution network in India.

On BSE, Adani Green shares stood at Rs 759.10 apiece, down by 1.2% on Monday.