The renewable energy business, Aditya Birla Renewables Limited (ABReL) is housed under Grasim Industries.
The Rs 2,500 crores include a base issue size of up to Rs. 2,000 crores and a green shoe option to retain oversubscription of up to Rs. 500 Crores.
Funds will be used to expand capacity, repay debt, and general corporate purposes. ABReL has a cumulative installed capacity of approximately 1 GW across 42 projects in 10 states. The business is targeting to achieve 2 GW capacity by the end of this year.
“ABReL has issued 2,50,000 rated redeemable non-cumulative non-convertible debentures with a face value of Rs 1 lakh each (debentures),” the company said in a regulatory filing, adding that these debentures were issued a coupon of 8.6% per annum and a tenure of three years.
Various mutual funds participated in the issue which was oversubscribed, receiving interest amounting to Rs 3605 crores from eligible investors including Rs 600 crore from anchor investors including SBI Equity Hybrid Fund, Nippon India Mutual Fund, and Axis Liquid Fund. NCDs will be listed on the BSE Ltd. Axis Bank worked as the lead arranger of the issue.Aditya Birla Renewables plays a crucial role in meeting the renewable energy needs and decarbonization targets of these Group companies.The Group’s major manufacturing businesses—Grasim, Ultratech, Hindalco, and Birla Carbon—have all committed to achieving ‘Net-Zero’ emissions by 2050.
Grasim Industries’ scrip ended at Rs 2619.35, down 1.80% on the BSE, Tuesday.
