Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

ReNew refinances US$ 325 Million debt three months ahead of maturity

Posted On: 2024-01-12 21:38:43 (Time Zone: IST)


ReNew Energy Global plc ("ReNew" or "the Company") (Nasdaq: RNW, RNWWW), India's leading decarbonisation solutions company, on Friday announced the refinancing of Non-Convertible Debentures (NCDs) worth INR 23,910 million that were issued by its subsidiaries in October 2020. These NCDs were issued to India Green Energy Holdings, ("India Green Energy"), a Mauritius based SPV, which had raised US$ 325 Million through senior secured bonds ("USD Bonds") to subscribe to these NCDs. The USD bonds, issued at a coupon of 5.375%, were scheduled to mature in April 2024.

The refinancing was done using proceeds of a long-term amortising project loan, obtained from a leading non-banking financial company (NBFC). India Green Energy has consequently redeemed the USD bonds three months ahead of maturity.

This refinancing comes at an interest cost of less than 9% and would reduce the overall borrowing cost on this debt pool by more than 200 basis points. The move will term out maturity beyond 15 years through structured amortisations.

Commenting on this, Mr. Kailash Vaswani, Group CFO of ReNew, said, "Adapting a proactive and flexible financing strategy is crucial in today's business environment. We will continue to look at multiple pools of capital to further reduce our borrowing costs, extend maturities on existing debt and reduce refinancing risk without depleting the company's growth capital."

By refinancing and redeeming NCDs and USD bonds ahead of time, ReNew has demonstrated strong and continued access to domestic debt markets, which remain liquid, while reaffirming its ability to proactively manage dollar refinancing risks.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Akasa Air expands global footprint, inaugural flight takes off from Mumbai to Riyadh

Beetel Introduces Specialized Landline Phone Series

Cactus Partners invests $5 million in Indigrid Technology

Unifi Capital launches two funds through its recently established subsidiary in GIFT City

D2C Company Palette Brands close to $2 million in Pre-series A funding round from Rockstud Capital, IPV among others

Radisson Hotel Group sets foot in West Bengal with the signing of 150-room Radisson Hotel Siliguri

Allied Blenders and Distillers Limited brings its Zoya Special Batch Premium Gin to Maharashtra

Tulua Foods and Pikndel receives Major Funding at D2C Insider Mumbai Summit

Round Table Meeting - NPS For Corporates - Foundation of a Better Future

Heath-tech startup Docplix raises INR 1.7 Crore in Bridge Round led by Inflection Point Ventures

Namami Gange Mission to achieve important milestone upon completion of Phase II by adding 3,108 MLD of sewerage capacity

Skechers signs footballer Sunil Chhetri as Brand Ambassador

Cashfree Payments Appoints Harsh Gupta as the Chief Revenue Officer

Hamdard invests in SIG's aseptic carton technology to meet diverse consumer demands

Avaada Energy Successfully Closes INR 315 Cr Financing for Captive Solar Project in Karnataka

Kerala's MERP Systems signs strategic framework pact with Omantel

Muthoot Pappachan Group Announces Shah Rukh Khan as New Brand Ambassador

BNPL Fintech BharatX Acquires Zenifi to enter medical lending market

LG Electronics organizes Grand Tech Seminar in Bengaluru

Mygate partners with ACKO to deliver Smarter Insurance at Exclusive Prices to 4mn Households

ProsParity raises $2 Million Pre-Seed Funding Led by BEENEXT to Revolutionise Electric Vehicle Financing in India

Freshleaf raises INR 1 Crore in seed round led by Inflection Point Ventures

HHV Group bags prestigious certification for its Hybrid Micro Circuit Lab from SAC, ISRO

Portl Secures $3 Million in Funding to Revolutionize Fitness Technology

Agoda: More Europeans Searching for Travel to Asia This Summer

LG strengthens position in Commercial HVAC Market with its Efficient, Large-Capacity Chiller

Speciality Fashion Brand Big Hello Makes a Mega Hyderabad Splash, Launches Four New Retail Experience Stores

HCL Group and UpLink Open Applications for its Third Global Aquapreneur Innovation Challenge

Piramal Alternatives Invests INR 600 Crores in Annapurna Finance

Cybersecurity startup Treacle raises INR 4 Crores in pre-seed round led by Inflection Point Ventures

PayU invests $5M in BRISKPE to Boost Cross-Border Payments Ecosystem for Indian MSME merchants

Viatris Ranked on the 2024 LinkedIn Top Companies List in India

Healthtech AI startup, Endimension Technology raises INR 6 Crore in Pre-Series A round led by Inflection Point Ventures

Boba Bhai secures INR 12.5 crores in seed funding round, plans to expand to 100 stores across India in FY 24-25

Pepperfry Unveils 'Fashion for Home' Campaign, Making Homes as Fashionable as You

The cost of construction in India is expected to go up by 6% in 2024: JLL

Talent Skillsvarsity joins hands with NSE Academy to provide a certificate program in Financial Markets

Muthoot FinCorp Limited announces XVI Tranche IV series of NCDs, aims to raise Rs.360 crore

Varthana Secures USD 10 Million Funding from BlueOrchard Finance Ltd-managed fund to Revolutionize Affordable Education Sector in India

Mirae Asset Capital Markets launches Business Partner program with 100% brokerage sharing

SIDBI partners with Fintech Platform KarmaLife for micro loans to Gig Workers

Inauguration of SIDBI's new Branch in Kaushambi, Ghaziabad

Rapido Crosses 100 Crore Rides Landmark, Empowers 11 Crore Lives in 120 Cities

IBM and Microsoft Collaborate to Launch Experience Zone in Bangalore

Essar Energy Transition Retail sets out expansion plans and new leadership

Infinity Learn by Sri Chaitanya Aims to Craft Top Rankers in India

Roadstar Infra Investment Trust files DPM with SEBI for listing of InvIT units

InCred Money launches Fixed Deposits product on its platform

CARS24 Launches its Driver on Demand Service - Autopilot

Cashfree Payments launches 'RiskShield' to empower merchants curb cyber payment frauds in real-time


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020