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The First Indian Company to have its issuer subsidiaries exclusively list USD 585 Million green dollar bonds on India INX

Shreya Chaware
/ Categories: Mindshare, DSIJ News
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The First Indian Company to have its issuer subsidiaries exclusively list USD 585 Million green dollar bonds on India INX

ReNew Power Pvt Ltd. becomes first Indian Company to have its issuer subsidiaries exclusively list USD 585 Million green dollar bonds on India INX and enjoy benefit of lower withholding tax

In a first, ten subsidiaries of ReNew Power Pvt Limited, listed their 7.25 year USD 585 million foreign currency bonds exclusively on Global Securities Market (GSM) of India International Exchange at GIFT IFSC today. GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than USD 50+ Bn medium term notes established and over USD 26+ Bn of bond listings till date.  The company is the country’s leading renewable energy producer. The 7.25 year maturity bonds have been assigned expected ratings of BB- (Positive Outlook) by Fitch Ratings and Ba3 rating by Moody’s investor services and are priced competitively at 4.50 per cent.

India INX, a subsidiary of BSE Ltd, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT City. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and operates for 22 hours a day to allow international investors to trade from anywhere across the globe. The exchange provides a common platform for all asset classes - equities, currencies, commodities and interest rates. The exchange also offers a primary market platform for debt securities and proposes to offer additional fund raising facilities like depository receipts once the required infrastructure is in place. India INX offers a diversified portfolio of products and technology services at a cost which is far more competitive to Indian exchanges as well as other global exchanges like those in Hong Kong Singapore, Dubai, London and New York. The exchange being located in IFSC, GIFT City, provides competitive advantage in terms of tax structure and supportive regulatory framework. These include benefits in security transaction tax, commodity transaction tax, dividend distribution tax and long-term capital gain tax waivers and no income tax.

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