New Delhi: State-owned REC Ltd has raised $750 million through 5-year 144A/RegS Green Bonds under its Global Medium-Term Program with a target of $7 billion.
The funds raised from the sale of this bond will be used for financing green projects approved by RBI from time to time and as per ECB guidelines.
REC issues bonds frequently and took advantage of a relatively stable market environment to conduct an intraday execution last week.
The bond sale was followed by extensive investor roadshows lasting two weeks in various geographies covering Singapore, the UK and the US.
This is the first green bond issued by an Indian company after India’s G20 presidency.
The issue was oversubscribed by nearly 3.5 times from 161 investors, with active participation from quality accounts
Over 87% of the transactions were allocated to fund managers, asset managers and insurance companies.
Vivek Kumar Devangan, CMD, REC, said: “We are extremely pleased at the successful completion of this transaction which reinforces REC’s position as the most efficient and consistent issuer in the international capital markets. AMRUT is poised to contribute to the fulfillment of the Climate Action Plan with a focus on green projects and an all-time commitment to the energy transition.”
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