Adani Transmission Ltd (ATL), the largest private sector power transmission company operating in India, on Tuesday said it raised USD 310 million in foreign currency debt.
"This USD denominated notes are raised by six wholly owned subsidiaries of ATL amounting to USD 310 million," the company said in a statement.
The USD notes carries fixed coupon over the tenor of notes, it said without giving details. "These instruments have an amortising structure matching the concession period and revenue profile of the issuer companies."
Anil Sardana, MD & CEO, Adani Transmission Ltd, said: "We are delighted to raise these funds from our US stakeholders. This will help us mitigate interest rate risk in our TBCB (tariff-based competitive bidding) projects. Further, we aim to expand our network to meet the growing demands of a T&D sector. The funds will enable us to support efforts toward scaling infrastructure and improving electrification and bridging gap between the supply and demand for power. The placement is a strong endorsement of global investors' confidence in ATL as a value creator and leader in the power sector contributing toward sustainable growth the country."
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