New Delhi: REC Limited has successfully raised USD 750 million through 5-year 144A/ RegS Green Bonds under the Global Medium-Term Programme of USD 7 billion. The net proceeds from the issue of the Bonds will be applied to the green projects with the approval of the RBI and according to the ECB guidelines.
However, keeping the relatively stable market backdrop of last week in mind, The Corporation has decided to carry out an intra-day execution post extensive investor roadshows spanning across Singapore, UK and the US for two weeks.
In a press statement, REC said that this is the first Green Bond issued by an Indian Company post India’s G20 Presidency. This is REC’s 10th venture into the international bond market. Over 87 per cent of the transactions were allocated to Fund Managers, Asset Managers and Insurance Companies.
Vivek Kumar Dewangan, IAS, CMD, REC Limited, said, “We are very delighted on successful completion of this transaction which reinforces REC’s status as one of the most accomplished and frequent issuers 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.”
Barclays, DBS Bank, MUFG, Standard Chartered Bank and State Bank of India, London Branch were the joint book-runners for the issue.