Aditya Birla Renewables Raises Rs 2,500 Crore Through NCDs

Aditya Birla Renewables Ltd. has raised Rs 2,500 crore from markets through allotment of non-convertible debentures on a private placement basis. The company allotted 2,50,000 unsecured, listed, rated, redeemable NCDs of face value of Rs 1 lakh each on Sept. 24, 2024, Grasim Industries said in an exchange filing on Tuesday.

The NCDs were allotted by Aditya Birla Renewables Ltd., a subsidiary of Grasim Industries, which is part of the Aditya Birla Group.

The amount includes base issue size of Rs 2,000 crore and a greenshoe option to retain oversubscription of up to Rs 500 crore.

The NCDs have coupon rate of 8.6% per annum and would mature on Sept. 24, 2027.

Founded in 2011, ABReL is a leading provider of solar, wind, and hybrid power solutions to public and private-sector customers across India.

It has implemented 50 renewable projects across nine states.

Shares of Grasim Industries closed 1.55% higher at Rs 2,660 apiece, as compared to a 0.25% advance in the NSE Nifty 50. It has risen 37.71% in the last 12 months and 25.08% on a year-to-date basis.

Six out of the 10 analysts tracking Grasim have a 'buy' rating on the stock, three recommend a 'hold' and one suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target is Rs 2,880.3, implying a potential upside of 8%.

(With inputs from PTI.)