State-run REC on Wednesday said it has undertaken an exclusive listing of its recently issued green bonds of $750 million, raised under its global medium term programme of $7 billion, at GIFT IFSC Stock Exchanges in Gandhinagar (Gujarat).

This is the largest ever senior USD tranche by an Indian NBFC (largest ever senior green bond tranche by a South & South-East Asian issuer) and first green bond issuance by an Indian company post India’s G20 Presidency, the power sector non-banking financial company (NBFC) said.

Read: REC board okays ₹1.2 lakh cr market borrowing programme for 2023-24 

Global participation

The issue saw an over-subscription of around 3.5 times from 161 investors with active participation from quality accounts. Investors from across the globe participated in the issue with Asia Pacific (APAC) 42 per cent, Europe, Middle East & Africa (EMEA) 26 per cent and the US 32 per cent, it added.

Over 87 per cent of the transaction in the issue has been allocated to fund managers, asset managers and insurance companies.

REC CMD Vivek Kumar Dewangan said, “We have consciously decided on the exclusive listing of REC’s recently issued green bonds on IFSC stock exchanges, which have come a long way in their acceptability amongst the global investors.”

IFSCA Chairperson Injeti Srinivas said, “We are pleased that REC has listed their $750 million green bonds exclusively on the IFSC Exchanges. With this listing, the cumulative ESG labelled bonds listed on IFSC Exchanges has crossed $10 billion. GIFT IFSC is emerging as a gateway to facilitate raising of foreign capital into sustainable projects in India, thereby contributing towards achieving our climate change commitments and SDG goals.”

NSE International Exchange MD & CEO V Balasubramaniam said with the listing, REC’s total listing now stands at $4.75 billion under the $7 billion Global Medium Term Note Programme. This also takes the total bond issuance on IFSC exchanges to $51.7 billion plus with the total medium term notes worth over $73 billion.