Adani Green Energy Limited Lists USD 750 Mn foreign currency Green bonds on Global Securities Market platform of India INX

Adani Green Energy Limited has listed its maiden USD 750 Mn Green bonds with 3 year maturity at a competitive coupon of 4.375 percent. The bonds were rated Ba3 (stable) by Moody’s and have garnered huge investor interest across the globe. These bonds have been listed on India INX’s GSM Green platform which is the Exchange’s dedicated platform for listing of green, social, sustainable and all such ESG flavoured bonds. 

Commenting on the listing, Mr. V Balasubramaniam, MD&CEO, India INX, said, “We welcome Adani Green Energy for the listing of its USD 750 Mn foreign currency green bonds on GSM Green platform of India INX. The criteria for issuance is aligned with global standards established by ICMA's Green Bond Principles and Climate Bonds Initiative. The Exchange is committed towards growth of the ESG segment in IFSC which is in lines with the vision of the IFSCA Issue and Listing Regulations issued in 2021.” 

India INX introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, offering issuers an efficient and transparent method to raise capital. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. Till date, Global Securities Market has established USD 55+ billion in MTN programmes and more than USD 31+ billion of bonds issued. Issuer mix is a healthy one with Banks (SBI, EXIM Bank, HDFC Bank), supranational (Asian Development Bank), State owned finance corporations (NTPC, PFC, REC) and several others (Adani Green, Adani Port). Further India INX is also a market leader in the derivatives segment and for August 2021, the market share of India INX stood at 83%. 

About India INX

India INX, BSE’s international arm, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT IFSC. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and allows trading for 22 hours a day, in a range of financial market products such as index and single stock derivatives, commodity derivatives, currency derivatives and debt securities, to allow international investors to trade from anywhere across the globe. The Exchange, provides a state of the art electronic platform to facilitate trading, clearing and settlement of the widest range of global benchmark products across all major asset classes, including securities, equity derivatives, precious metals, base metals, energy and bonds. The average daily turnover at the exchange for the month of August ’21 was USD 14.76 billion, with 83 % market share among the exchanges at IFSC. The Exchange also has tier-III equivalent data centre colocation facility for its Members. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. The Exchange provides competitive advantage in terms of tax structure and supportive regulatory framework that is comparable with any other global financial centre. These include waiver of several taxes like securities transaction tax, commodities transaction tax, dividend distribution tax, capital gains tax, GST etc. Further, as an entity set up at IFSC, additional tax waivers are applicable viz. graded income tax holiday for ten years out of fifteen years, one-time subsidy on IT capex spend, no stamp duty etc.