Aditya Birla Renewables (ABReL) has raised Rs 25 billion through a private placement of non-convertible debentures (NCDs). ABReL is the renewable energy arm of Aditya Birla Group. The NCDs consist of 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures. These debentures have a face value of Rs 100,000. The NDCs will mature on September 24, 2027.
The base issue size includes Rs 20 billion, along with a greenshoe option. Oversubscription will be retained up to Rs 5 billion. The company has raised the amount at a coupon rate of 8.6 per cent per annum which is payable annually and will be redeemable after three years from the date of allotment.
Furthermore, the company has said that in case of interest default and/or principal payment on the due date, ABReL will pay 2 per cent over the document rate as additional monthly interest.
In May 2024, Suzlon Group secured a new order for the development of a 551.25 MW wind power project for the Aditya Birla Group. In April 2024, UltraTech Cement Limited, a subsidiary of the Aditya Birla Group commissioned a 100 MW inter-state transmission system connected solar power project under group captive scheme in Rajasthan.
