Adani Gas Limited and Total Gas Ltd’s joint venture, Adani Total Gas Ltd. will raise up to $400 million via selling bonds to foreign investors for meeting its capital expenditure needs, said an official aware of the development.
“We will be raising $400 million in dollar denominated bonds to finance our capex requirement for the next two years. Over the next five years we need around Rs 8,000 crore to fund our capital expenditure. This is part financing for the same,” said Suresh Manglani, CEO of Adani Gas Ltd. Last October, France energy major Total SA has agreed to acquire 37.4 per cent stake in Adani Gas for Rs 5,700 crore and Adani Gas will be rechristened as Adani Total Gas Ltd., he added.
The company has reported a 13 per cent increase in profit after tax (PAT) at Rs 136 crore for the quarter ended on 30 September, 2020, against Rs 120 crore in the same period a year-ago. Revenue from operations during the quarter stood at Rs 441 crore, as compared to Rs 503 crore in the previous period year. EBITA (Earnings Before Interest, Tax, Depreciation and Amortization) increased 48 per cent to Rs 218 crore as on September 30, against Rs 147 crore in the last year period.