State-owned power finance company REC has listed its recently issued green bonds worth $750 million on GIFT IFSC stock exchanges. It had raised these funds under its Global Medium-Term Programme targeting $7 billion. The funds will be used to finance green projects in India.
The green bond issuance saw an over-subscription of approximately 3.5 times from 161 investors. Investors from across the globe participated in the issue, with Asia Pacific (APAC) accounting for 42%, Europe, Middle East & Africa (EMEA) 26%, and the US 32%.
Vivek Kumar Dewangan, CMD, REC Limited, said, “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. This Green Bond issuance reinforces REC’s status as one of the most accomplished and frequent issuers in the international capital markets.”
REC’s $750 million green bond listing in NSE International Exchange and India INX at GIFT IFSC takes their total listing to $4.75 billion under $7 billion Global Medium-Term Note Programme.
Over 87% of the transaction in the issue has been allocated to fund managers, asset managers, and insurance companies.
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