State-owned REC Ltd on Friday announced it will raise 61.1 billion yens (about ₹3,500 crore) through the issuance of green bonds. The bonds will issued as part of REC's $10-billion global medium-term note programme, the company said in a regulatory filing.
Giving the break-up of each note, the company said a five-year bond worth 31 billion yens will have a coupon rate of 1.67%, a 27.4-billion yen paper with maturity in 5.25 years will have a coupon rate of 1.79%, and another 2.7-billion yen bond having maturity period of 10 years will carry a coupon rate of 2.20%.
These bonds will be listed on the Global Securities Market of India International Exchange (India INX) and NSE IFSC, the company said.
REC said the net proceeds from these notes will be used to finance green projects in accordance with the REC's Green Finance Framework and the external commercial borrowing guidelines and directions of the Reserve Bank of India (RBI).
REC, under the Ministry of Power, is a non-banking finance company focussed on power sector lending in India.
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