Adani Transmission to raise up to $1 billion through bond sale
Power transmission and distribution company Adani Transmission Ltd is looking to raise $750 million to $1 billion by selling overseas dollar-denominated bonds, said two people aware of the development, requesting anonymity.
“The proposed bond issuance will be used to repay existing high-cost debt of the company, specifically the debt that Adani Transmission raised to acquire Reliance Power’s Mumbai distribution business,” said the first person mentioned above.
Last year, Adani Transmission had acquired Reliance Infrastructure’s integrated business of retail electricity distribution, transmission and generation. The business included Reliance Infra’s power generation units in Dahanu, power transmission network across Mumbai and Maharashtra, and the retail power distribution network in Mumbai suburbs.
