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Adani Green Energy’s board approved a plan to issue share warrants to its founders and raise INR 93.5bn ($1.12bn). The money raised will be used to pare debt and fund accelerated capex. Last month, it was reported that Gautam Adani and his family were planning to inject $1bn into Adani Green via a possible issuance of preference shares. The company is said to be planning to raise at least $2bn in new debt next year. Earlier in December, Adani Green said it will redeem its 4.375% bonds due September 2024s in full by its due date. It also said that it had plans to raise $410mn via a new bond issuance to refinance its 6.25% bonds due December 2024.
Its 4.375% 2024s are at 96.99, yielding 9.04% and its 6.25% 2024s are at 99, yielding 7.37%.
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