ReNew lists USD 585 mn of green bonds on India INX

The BSE-promoted India INX on Thursday said 10 subsidiaries of ReNew Power have listed USD 585 million around Rs 4,377 crore worth green foreign currency bonds exclusively on the bourses Global Securities Market GSM.This is a first where issuer subsidiaries of a company have listed their bonds on the 2018-established exchange, which has USD 50 billion in medium-term notes and USD 26 billion of bond issuances listed, India INX said in a statement.

The BSE-promoted India INX on Thursday said 10 subsidiaries of ReNew Power have listed USD 585 million (around Rs 4,377 crore) worth green foreign currency bonds exclusively on the bourse's Global Securities Market (GSM).

This is a first where issuer subsidiaries of a company have listed their bonds on the 2018-established exchange, which has USD 50 billion in medium-term notes and USD 26 billion of bond issuances listed, India INX said in a statement. The ReNew subsidiaries have raised the foreign currency bonds (FCBs) which have a tenor of 7.25 years and were priced at 4.50 per cent on sale, it said.

The statement said entities listing their bonds on the exchange enjoy the benefit of lower withholding tax. “This further reinforces the positioning of GIFT IFSC as a competitive international jurisdiction for raising capital and will be instrumental in deepening of not only debt capital market but also Equity, REITS/Invits and other instruments in international exchanges based in GIFT IFSC,” International Financial Services Centres Authority chairperson Injeti Srinivas said.

“ReNew Power is delighted to be pioneering government's efforts to promote INX and Gift City as a preferred destination for international finance. The success of our bond issue demonstrates continued global investor interest in the ESG (environmental, social and governance) space,” its founder and chairman Sumant Sinha said. He said investors are keen to invest in environment-friendly companies and projects that contribute towards a greener planet and will enable India meet its decarbonization goals.

Sinha said ReNew has raised nearly USD 1.37 billion through bonds issued in the last 6 months.