Active Stocks
Sat May 18 2024 12:49:03
  1. Tata Motors share price
  2. 952.95 0.76%
  1. Power Grid Corporation Of India share price
  2. 316.85 1.12%
  1. Tata Steel share price
  2. 167.90 0.39%
  1. ITC share price
  2. 436.50 -0.02%
  1. State Bank Of India share price
  2. 821.30 0.42%
Business News/ Companies / State-run REC raises $750 mn via green bonds
BackBack

State-run REC raises $750 mn via green bonds

The funds raised from this bond sale will be used for financing green projects in approved by the RBI from time to time and in accordance with the ECB Guidelines.

This is the first green bond issuance by an Indian company post India’s G20 Presidency. AFP PHOTO / INDRANIL MUKHERJEEPremium
This is the first green bond issuance by an Indian company post India’s G20 Presidency. AFP PHOTO / INDRANIL MUKHERJEE

New Delhi: State-owned REC Limited has raised $750 million via 5-year 144A/ RegS Green Bonds under its Global Medium-Term Programme aiming at $7 billion.

The funds raised from this bond sale will be used for financing green projects in approved by the RBI from time to time and in accordance with the ECB Guidelines.

REC issues bonds frequently and used a relatively stable market environment in the past week to carry out an intra-day execution.

The bond sale was followed by extensive investor roadshows spanning across two weeks in different geographies covering Singapore, UK and the US.

This is the first green bond issuance by an Indian company post India’s G20 Presidency.

The issue witnessed an over-subscription of approximately 3.5 times from 161 investors with active participation from quality accounts

Over 87% of the transaction was allocated to Fund Managers, Asset Managers and Insurance Companies.

REC CMD Vivek Kumar Dewangan said: "We are very delighted on successful completion of this transaction which reinforces REC’s status as one of the most accomplished and frequent issuer in the international capital markets. This green bond issuance is poised to contribute in India meeting its Amrit Kaal commitments towards climate action plan and energy transition with focus on green projects."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 08 Apr 2023, 01:26 AM IST
Next Story footLogo
Recommended For You