Adani Electricity's Bold Financial Move: A USD 44.66 Million Buyback
Adani Electricity Mumbai has repurchased senior secured notes worth USD 44.66 million, six years before their maturity, as part of its capital management strategy. This move, funded by internal cash flows, aimed to reduce outstanding debt and showcase the company's strong financial flexibility.
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- India
Adani Electricity Mumbai made a decisive financial move on Tuesday by purchasing back senior secured notes valued at USD 44.66 million, well ahead of their 2031 maturity date. This action is part of the company's broader capital management efforts.
The notes, initially due in 2031, were obtained through open market transactions, significantly lowering the outstanding principal to USD 255.339 million. This buyback strategy demonstrates Adani Electricity Mumbai's strong cash flow and financial adaptability.
Previously, the company had successfully executed a USD 120 million tender offer and a USD 49.5 million repurchase. As a subsidiary of Adani Energy Solutions Ltd, Adani Electricity Mumbai is committed to further liability management exercises, contingent upon market conditions.
(With inputs from agencies.)
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