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Greenko Founders Eyeing New Deal For Stake Purchase
May 16, 2025
Greenko Energy Holdings’ founders, Anil Chalamalasetty and Mahesh Kolli, are still pursuing the acquisition of a 20% stake in the company from Japan’s Orix Corp., despite Orix’s recent cancellation of the $1.46bn deal. The founders are revising the deal’s structure, aiming to use less cash and rely more on convertible bonds issued by their own entity, AM Green in Luxembourg. Due to the reduced cash component, the size of a private loan backing the deal has dropped from $800mn to about $600mn. Despite the reduction, the loan remains one of the largest private credit transactions in India this year, amid rising infrastructure investment needs. Key lenders which includes Keppel Credit, SeaTown Holdings, BlackRock, Ares Management, Nomura, and Sumitomo Mitsui Banking Corp, remain committed to the financing. The restructuring comes as Greenko faces challenges, including a problematic hydro project acquisition and an ownership review by its majority shareholder, GIC. Orix previously cited unmet conditions and unresolved financing agreements as reasons for terminating the deal.
Greenko’s bonds traded stable with its 7.25% 2028s at 98.4, yielding 7.82%.
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