Adani Tramsmission holds a meeting on January 28 to pass resolution on USD 5 billion notes; Stock under pressure

5 Jan 2022 , 02:45 PM

Adani Transmission Limited has convened a meeting of the holders of the Notes on January 28, 2022, in Hong Kong for passing the extraordinary resolution in respect of the U.S.$500,000,000 4.25% Senior Secured Notes due 2036 issued by the company.

The company also said in a filing on Tuesday that if the necessary quorum for the Extraordinary Resolution is not obtained, an adjourned Meeting of the holders of the Notes convened by the Company will be held on February 14, 2022, in Hong Kong for the purpose of considering and, if thought fit, passing the Extraordinary Resolution, which will be proposed as a resolution in accordance with the provisions for meetings of holders of Notes set out in Schedule 3 (Provisions for Meetings of Noteholders) to the Note Trust Deed.

The Extraordinary Resolution assents to the Corporate Restructuring, including in respect of:

• the transfer of shares in ATIL and MEGPTCL from the Company to the New Issuer, including any release of the existing pledge/other security which may be required to complete the Corporate Restructuring;
• transfer of certain inter-corporate debt provided by the Company to ATIL and MEGPTCL, to the New Issuer;
• the transfer/novation of the intercreditor deed from the Company to the New Issuer; and
• any other necessary steps which may be taken by the Company or the New Issuer to give effect to the aforesaid objectives and the Corporate Restructuring; 

The company stock was under pressure on Wednesday and at around 2.50 pm, Adani Transmission Ltd was trading at Rs1,740 per piece down by Rs21.2 or 1.2% from its previous closing of Rs1,761.20 per piece on the BSE.