HDFC arranges Rs 532 crore for Adani Group SPV
HDFC Bank
has stepped in as both the arranger and anchor investor for a
long-tenor bond issue
by a special purpose vehicle of the
Adani Group
's transmission subsidiary.
The lender is making a ₹159.6 crore anchor investment in the ₹532 crore unsecured non-convertible debenture (NCDs) issue of
WRSS XXI
(A) Transco under
Adani Energy Solutions
, people in the know said. The debt, rated AAA by Crisil and
ICRA
, will carry a fixed coupon of 7.70% and mature on March 31, 2043.
by Taboola
by Taboola
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WRSS XXI will use the proceeds to refinance costlier external commercial borrowing of ₹740.8 crore, due for repayment in October 2025. The proposed NCDs include a put option at the end of the fifth year and annually thereafter. Lenders also have the right to demand early repayment if the company's credit rating falls below A+.
Apart from this HDFC Bank-arranged fundraising, WRSS XXI raised another ₹100 crore. Darashaw & Co arranged this tranche, carrying a 7.84% coupon and maturing in September 2044.
WRSS XXI, or the Western Region Strengthening Scheme XXI, is a transmission project under Adani Energy Solutions. This project was set up to strengthen the transmission system for relieving over-loadings observed on the Gujarat intrastate system due to renewable energy injections in Bhuj. It establishes a transmission system for renewable energy generation at Bhuj-II, Dwarka and Lakadia in Gujarat.
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