ReNew Power raises $450 mn in green bonds

ReNew bond is rated B+, which is considered speculative grade

Perpetual bonds offer higher coupon but carry recall risk

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Anup Roy Mumbai

Last Updated : Feb 07 2017 | 1:41 AM IST

ReNew Power Ventures on Monday raised $450 million from global investors.

ReNew bond is rated B+, which is considered speculative grade. The bond has a maturity of five years, with a non-callable option of three years.

According to bankers, the bond issue was launched with an initial guidance of 6.375 per cent, but underwriters managed to bring down the coupon to six per cent.

The underwriters for the bonds were Goldman Sachs, JPMorgan, HSBC, Bank of America Merrill Lynch, and UBS.

According to bankers, large institutional investors from Asia, Europe, and the US showed interest in the bond, which was subscribed by up to

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