Avaada Ventures Plans ₹3,515 Crore NCD Raise and $398 Million ECB

Avaada Ventures, the holding company of renewable energy group Avaada, plans to raise up to ₹3,515 crore through rupee-denominated non-convertible debentures (NCDs) and up to $398 million through an external commercial borrowing (ECB).

The proposed fundraising is primarily aimed at refinancing existing liabilities and meeting the company’s corporate requirements.

The ₹3,515 crore NCD issuance will be divided into two series. Series A will comprise ₹3,240 crore of debentures, while Series B will account for another ₹275 crore.

Both series will carry a fixed coupon rate of 11.75% and will have a tenor of approximately three years. The NCD issue is scheduled to open and close on September 17.

According to an India Ratings report, the proceeds from the fundraising will primarily be used to refinance existing financial obligations.

These liabilities include a $685 million payment to Brookfield and approximately $80 million required to retire outstanding commercial paper at Avaada Ventures Private Limited (AVPL). The remaining proceeds are expected to be used for transaction-related expenses and other corporate requirements.

Brookfield had committed an investment of $1 billion to AVPL in 2023. Of this commitment, $400 million had been infused through optionally convertible debentures (OCDs) as of March 31, 2026.

The proposed NCD and ECB transactions form part of Avaada Ventures’ broader debt-refinancing strategy as the renewable energy group manages its existing financial obligations and funding requirements.