From the last five week shares of Adani Green Energy Ltd have surged over 67 per cent, backed by heavy volumes. The stock has been gaining since 4th September and was up in 16 of 22 sessions.
On Wednesday, the trade scrip all-time high of Rs 72.80 rising as much as 7 per cent, but this year it has risen to 71 per cent. On 4 October, the company informed exchanges that it has raised $362.50 million via a dollar bond issuance. The dollar bonds, which have a maturity of 20 years, bear an interest rate of 4.625%.
The proceeds raised through the bond issuance will be used explicitly for three subsidiaries of Adani Green Wardha Solar (Maharashtra) Pvt Ltd, Kodangal Solar Park Pvt Ltd and Adani Renewable Energy (RJ) Ltd to repay their respective foreign currency loans, rupee borrowings, while the balance of the net proceeds will be used for capital expenditure, and other project-related liabilities or for general purposes.
Read EquityPandit’s Nifty Outlook for the Week