Existing investors GIC and ADIA are putting in $550 million more in Greenko while JM Financial has partially exited its investments in some projects of Adarsh Developers.
GIC, ADIA to put in $550m more in Greenko
Sovereign wealth funds GIC Holdings and Abu Dhabi Investment Authority will invest $550 million fresh primary capital in Indian renewable energy major Greenko said a report in The Economic Times quoting sources.
Last year the two investment giants had announced investing $450 million in the Hyderabad-based company. This latest funding would mark the third round of capital infusion by GIC and ADIA, taking the total funds invested by the two to $2 billion. Singapore’s GIC, which owns around 60 per cent stake in the company, is infusing around $1.4 billion. With $3.2 billion of debt, Greenko’s enterprise valuation will rise to $5.2 billion, the report added.
JM Financial partially exits projects of Adarsh Developers
In 2016, JM Financial had put in around Rs 600 crore as structured debt in two residential projects of Bengaluru-based Adarsh Developers.
“There has been liquidity problem in the market but we have not witnessed that. Recently, Adarsh has given partial exit to JM Financial,” BM Jayeshankar chairman of Adarsh Developers, told the news paper. “We have used the money received from RMZ deal to repay JM Financial.”
JM Financial had invested in two of Adarsh’ projects in Bengaluru in 2017.