State-owned NBFC firm REC raises $750 mn through issuance of green bonds

State-owned non-banking finance firm REC Ltd has raised USD 750 million through issuance of green bonds.

The expected settlement date for these bonds is April 11, 2023.

"REC Ltd under its USD 7 billion Global Medium Term Note Programme, has priced and issued USD 750,000,000; 5.625 per cent green bonds on April 3," according to a regulatory filing.

These bonds will mature on April 11, 2028, and all principal and interest payments will be made in US dollars.

The net proceeds from the issue of these bonds will be used in finance, in whole or in part, the eligible green projects, it stated.

These bonds will be listed on Global Securities Market of India International Exchange (India INX) and NSE IFSC.