Adani Green Energy Ltd ., In re
Date: May 11, 2022
Court: Authority for Advance Ruling
Bench: Gujarat
Type: Advance Ruling
Judge(s)/Member(s): Arun Richard, Atul Mehta
Subject Matter
GST on services of arranging for subscription to Secured Notes
Summary
We find that AGEL issues Notes which are subscribed by Investors. We find that the Senior Secondary Notes issued by AGEL are in the nature of securities. The main supply of Notes is between AGEL and investors both acting as Principals and the Manager…
1. M/s. Adani Green Energy Ltd. (for the sake of brevity referred to as ‘AGEL’) submitted that it requires substantial working capital to undertake its supplies and for this purpose it has raised USD 750 million by issuing Senior Secured Notes (Notes) carrying interest coupon of 4.375% due for redemption in 2024 in terms of Subscription Agreement dated 1st September 2021 entered into w…