REC Limited 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 a primary listing ceremony held at GIFT IFSC, Gandhinagar. This is the largest ever tranche conducted by an Indian NBFC and is a first green bond issuance by an Indian company post India’s G20 Presidency.
The issue saw an over-subscription of approximately 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 and Africa (EMEA) 26 per cent and the United States 32 per cent. Over 87 per cent of the transaction in the issue has been allocated to fund managers, asset managers and insurance companies.
In April 2023, ReNew Energy Global Plc announced that its wholly owned subsidiary, Diamond II Limited raised $400 million through the issue of senior secured green bonds. The green bonds received strong demand from investors in US, Europe and Asia as it opened the high-yield issuance out of India after a broad market hiatus of more than a year. The order book was oversubscribed about 4 times with a total investor demand aggregating more than $1.5 billion, resulting in 35 bps tightening of pricing.