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ReNew Power raises Rs 22 bn via NCD to repay loans, expand business

L&T Financial Services acted as the underwriter for the multi-issuer cross-collateralised rupee bond

Press Trust of India  |  Mumbai 

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has raised Rs 22.35 billion through a non-convertible debenture (NCD) issue, which will be utilised for repaying its existing loans and business expansion.

The issue had two parts with the first, a credit enhanced NCD worth Rs 7.60 billion and the second, a multi-issuer cross-collateralised rupee involving multiple power distribution valued at Rs 14.75 billion, the company said in a statement on Tuesday.

Debt worth Rs 14.75 billion involves multiple power distribution from Andhra, and Gujarat, and is spread across eight special purpose vehicles and 12 projects totaling 234 mw of installed capacity (174 mw of wind and 60 mw of solar).

"We continue to broad-base our sources of debt and this NCD issue has saved interest cost between 1.5 and 2 per cent. This is expected to help freeing up existing limits and allowing us to contribute to working towards set by states and the Centre," company's Vaswani said.

He further said the proceeds from the issue will be used for the prepayment of existing term loans which he did not quantify.

The second issue of Rs 7.60 billion, has a tenor of 17 years.

and the Indian Renewable Agency have together extended a partial credit guarantee.

has a host of international investors, including and from the US, and Asian Development and from and till date, it has raised a total equity of USD 900 million.

L&T Financial Services acted as the for the multi-issuer cross-collateralised rupee

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First Published: Tue, January 09 2018. 23:48 IST