A key credit metric of Adani Green Energy Ltd. that ballooned as the firm’s billionaire-owner took on more debt will show a pull back in leverage, according to Nomura Holdings Inc.
The Abu Dhabi-based International Holding Co. has injected $500 million into Gautam Adani’s green company, which will help stabilize its debt-to-capital ratio in the low 60% range from 95.3% at the end of March, said Eric Liu, credit desk analyst at Nomura Holdings in Hong Kong.
IHC’s support “will be reflective when the company unveils its second quarter balance sheet details,” Liu said, noting that the infusion of funds shows Adani Green’s equity-raising capability. IHC has invested almost $2 billion in total in three companies owned by Adani. Second