ReNew raises $325 million via overseas bond

ReNew Power has raised about $325 million through an overseas green bond sale as the company aimed to repay high-cost local debt and expand capacity.

Reportedly, bonds were initially planned to offer 5.875 percent with three and a half-year maturity but finally priced at about 5.375 percent, the tightest yield the company never attained before. The purpose of taking the overseas SPV route is due to a cap on bond pricing set by the RBI, which allows local companies to raise overseas credit at a spread of up to 450 basis points.

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