ReNew Power prices its green bonds at 4 per cent, say sources

ReNew Power on Monday priced its green bonds at the lowest rate for a high yield bond ever from India at 4 per cent, according to sources.
 

The company raised the bonds through an orphan special purpose vehicle route, in which a foreign portfolio investor raised the bonds to invest in rupee equivalent bonds by ReNew Power.
 

Sources say the initial guidance was of 6 per cent, but the issue ended up getting priced at 4 per cent.
 

Bids worth $1.6 billion was received for the 5 year tenured bonds, sources said.