Adani Green Secures Funding to Redeem $750 Million Bond

Significant deleveraging achieved as company strengthens balance sheet amid fraud allegations; Adani Enterprises sees potential for over 50% return, says US brokerage.

• Gautam Adani's renewable energy unit, Adani Green Energy Ltd., has arranged the funds to pay back its $750 million bond due in September.
• The funds include $281 million from the preferential allotment of promoter shares, $300 million from a joint venture with TotalEnergies SE, and $169 million from financial reserves.
• The company's actions have resulted in significant deleveraging, improving its balance sheet and potentially improving access to project-backed financing in offshore markets.
• Adani Green's actions come a year after US short-seller Hindenburg Research accused the Adani Group of fraud, allegations that the conglomerate has repeatedly denied.
• US brokerage Cantor Fitzgerald sees over 50% return potential on Adani Enterprises, the flagship company of the Adani Group, and has initiated coverage of the stock with an overweight recommendation.

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