Adani Transmission raises $90 million on private placement basis

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Updated: April 2, 2020 12:06:08 AM

Adani Transmission (ATL) has raised $90 million, or Rs 686.61 crore, on a private placement basis to cater to the growing demands for power by expanding its transmission network.

The $90-million US-denominated fund has been raised by Adani Transmission’s six wholly-owned subsidiaries .

Adani Transmission (ATL) has raised $90 million, or Rs 686.61 crore, on a private placement basis to cater to the growing demands for power by expanding its transmission network. The $90-million US-denominated fund has been raised by Adani Transmission’s six wholly-owned subsidiaries as part of its $400-million (Rs 3051.61 crore) fund-raising plan.

The company in January raised $310 million in the first tranche. “The notes carry a fixed coupon over the tenor ofnotes and have an amortising structure matching the concession period and revenue profile of the Issuer companies,” the company said in a statement.

With this recent round of placement, Adani Transmission now has a 30-year, 10-year and 17-year paper in the market. In 2019, Adani Transmission won five letter of intents (LoIs) to build, operate and maintain transmission networks in Gujarat, Rajasthan and Maharashtra.

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