REC lists green bonds of $750 million at GIFT IFSC stock exchanges

REC Ltd has undertaken an exclusive listing of its recently issued $750 million green bonds raised under its $7 billion global medium-term programme at GIFT IFSC stock markets. According to a statement by the Ministry of Power on Wednesday evening, the firm's primary listing ceremony was held in GIFT IFSC, Gandhinagar.

“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,”  said Vivek Kumar Dewangan, CMD, REC. Dewangan added, “This green bond issuance reinforces REC’s status as one of the most accomplished and frequent issuers in the international capital markets and is poised to contribute to India meeting its Amrit Kaal commitments towards climate action plan and energy transition with a focus on green projects.”

Power ministry in a statement said that this is the largest-ever senior US dollar tranche by an Indian non-banking finance company (NBFC), as well as the largest-ever senior green bond tranche by a South and Southeast Asian issuer and the first green bond issuance by an Indian company following India's G20 presidency.

The issue was over-subscribed by 161 investors nearly 3.5 times, with active participation from quality accounts. Investors from all over the world took part in the offering, with Asia Pacific (APAC) accounting for approximately 42 per cent, Europe, Middle East, and Africa (EMEA) accounting for 26per cent, and the United States accounting for 32 per cent.

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