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REC raises around Rs 3,500 crore via Yen-denominated green bonds

The company has issued 5-year, 5.25-year and 10-year Green bonds, under its US$ 10 billion Global Medium Term Notes Programme.

January 16, 2024 / 14:54 IST
REC's bond issue is the largest ever Euro-Yen issuance in South and South East Asia, largest Yen-denominated issuance from India, and largest non-sovereign Yen-denominated issuance ever from South and South East Asia
     
     
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    State-owned company, REC Ltd on January 15 said it raised Japanese Yen (JPY) 61.1 billion (around Rs 3,500 crore) through issuance of green bonds.

    Proceeds from the issue of the bonds will be applied to finance the Eligible Green Projects in accordance with the Company’s Green Finance Framework, RBI’s External Commercial Borrowings Guidelines and the approvals granted by it from time to time, company said.

    REC has issued 5-year, 5.25-year and 10-year Green bonds, under its $10- billion Global Medium Term Notes Programme.

    “As a frequent issuer in the international debt capital markets, we are always on the lookout to tap new markets and further diversify our funding sources,” Vivek Kumar Dewangan, Chairman & Managing Director, REC was quoted saying in a release.

    ALSO READ: REC plans to raise up to Rs 6,000 crore through bonds

    As per the statement issued on Press Information Bureau, this is REC Ltd’s 11th venture into the international bond market and inaugural Yen Bond issuance, which is also the first Yen Green Bonds issuance by any Indian PSU.

    REC's bond issue is the largest ever Euro-Yen issuance in South and South East Asia, largest Yen-denominated issuance from India, and largest non-sovereign Yen-denominated issuance ever from South and South East Asia, the release added.

    The transaction witnessed interest from both Japanese and international accounts, with number of orders from each at 50 percent, international allocation being one of the highest for any other Indian Yen deal, statement said.

    The notes will be rated Baa3/BBB–/BBB+ (Moody's/Fitch/JCR) and will be listed exclusively on Global Securities Market of India International Exchange (India INX) and NSE IFSC in GIFT City, Gandhinagar, Gujarat, release said.

    DBS Bank, Mizuho, MUFG, and SMBC Nikko were the joint lead managers for the issue, the company said in a release.

    Moneycontrol News
    first published: Jan 16, 2024 02:44 pm

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