Ahmedabad: Adani Electricity Mumbai Ltd (AEML) has repurchased and cancelled $49.5 million worth of its outstanding senior secured notes due 2030 through open market transactions, the company said in a statement on Monday. The repurchase was funded entirely through AEML’s internal cash flows.
The notes, originally issued in February 2020, carried a coupon of 3.949 percent and had an initial issue size of USD 1 billion. Following the latest repurchase, the outstanding principal on the notes now stands at USD 830.5 million.
This is AEML’s second liability reduction move under its capital management plan, said the statement. In November 2023, the company had completed a tender offer to repurchase USD 120 million worth of the same notes. AEML said these efforts reflect its strong cash generation and financial flexibility.
The company added that it may consider additional liability management exercises in future, subject to market conditions and in line with its broader capital strategy.
The statement clarified that the announcement does not constitute an offer to buy or sell securities, but serves as an update on the company’s ongoing debt management initiatives.