Stocks

ReNew Power lists $585 million currency bonds on India INX

Our Bureau Mumbai | Updated on April 15, 2021

Fitch Ratingd has assigned BB- ratings for the bonds

In a first, ten subsidiaries of ReNew Power listed their 7.25-year $585 million foreign currency bonds exclusively on Global Securities Market of India International Exchange at GIFT IFSC on Thursday.

GSM, the primary market platform of India INX, has over 50 billion medium term notes established and over $26 billion of bond listings till date.

The 7.25 year maturity bonds have been assigned expected ratings of BB- (Positive Outlook) by Fitch Ratings and Ba3 rating by Moody’s investor services, and are priced competitively at 4.50 per cent.

Injeti Srinivas, Chairperson International Financial Services Centres Authority said Indian companies are regular issuers in the global capital markets and GIFT IFSC offers such issuers a competitive platform for raising capital from the global investors. The exclusive listing of $585 million foreign currency bonds by Renew Power on INDIA INX is a testimony to the confidence shown by the international investors, he said.

Sumant Sinha, Chairman and CEO of Renew Power said investors are keen to invest in projects that contribute towards a greener planet and will enable India to meet its decarbonization goals. ReNew has raised nearly $1.37 billion through bonds issued in the last six months, he added.

Published on April 15, 2021

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