In a first, ten subsidiaries of ReNew Power Pvt Limited, listed their 7.25 year $585 million foreign currency bonds exclusively on the Global Securities Market (GSM) of India International Exchange at GIFT IFSC. GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than $50 plus billion medium-term notes established and over $26 plus billion f bond listings to 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 percent.
Mr. 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. This 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. 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.”
Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We welcome ReNew Power on India INX and take even more pleasure in welcoming them as they have established a gateway for other Indian issuers to list exclusively on India’s own IFSC. This firmly reinforces India INX and GIFT IFSC as a credible and competitive international jurisdiction for raising capital from global investors. We thank ReNew team for reposing this trust on our platform and congratulate them on their success”.
Mr. Sumant Sinha, Founder, Chairman, and CEO of Renew Power 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 space. Investors are keen to invest in environmentally friendly companies and 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.
