logo
#

Latest news with #XXI

HDFC arranges Rs 532 crore for Adani Group SPV
HDFC arranges Rs 532 crore for Adani Group SPV

Economic Times

time08-07-2025

  • Business
  • Economic Times

HDFC arranges Rs 532 crore for Adani Group SPV

Mumbai: 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. ADVERTISEMENT 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. 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 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. (You can now subscribe to our ETMarkets WhatsApp channel)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store