Adani Green Energy Limited listed its first US $ 750 million green bonds with a 3-year maturity at a competitive 4.375 percent coupon. The bonds have been rated Ba3 (stable) by Moody’s and have generated enormous interest from investors around the world. These bonds were listed on India INX’s GSM Green platform, which is the stock exchange’s dedicated platform for listing green, social, sustainable bonds and all these ESG-flavored bonds.
Commenting on the ad, Mr. V Balasubramaniam, MD & CEO, India INX, said: “We welcome Adani Green Energy to the listing of its USD 750 million Foreign Currency Green Bonds on India’s GSM Green platform INX. Emission criteria are aligned with global standards set by ICMA’s Green Bond Principles and Climate Bonds Initiative. The Bourse is committed to the growth of the ESG segment in the IFSC, which is in line with the vision of the IFSCA issuance and listing regulations published in 2021. ”
India INX introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, providing issuers with an efficient and transparent method of raising capital. The platform offers a debt listing framework on par with other global listing places such as London, Luxembourg, Singapore, etc. To date, Global Securities Market has established over $ 55 billion in MTN programs and over $ 31 billion in bonds issued. The composition of issuers is healthy with banks (SBI, EXIM Bank, HDFC Bank), supranationals (Asian Development Bank), public finance companies (NTPC, PFC, REC) and several others (Adani Green, Adani Port). In addition, India INX is also a market leader in the derivatives segment and for August 2021 India INX’s market share was 83%.
About India INX
India INX, the international arm of BSE, started trading on January 16, 2017 and is India’s first international stock exchange established at GIFT IFSC. It is one of the most advanced technological platforms in the world with a response time of 4 microseconds and allows trading for 22 hours a day, in a range of financial market products such as derivatives on indices and single stocks, commodity derivatives, currency derivatives and debt securities. , to allow international investors to trade from anywhere in the world. The Exchange provides a cutting-edge electronic platform to facilitate the 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 exchange’s average daily turnover for August 21 was $ 14.76 billion, with 83% market share among IFSC exchanges. The Exchange also has equivalent Level III data center colocation facilities for its members. The platform offers a debt listing framework on par with other global listing places such as London, Luxembourg, Singapore, etc. The Stock Exchange offers a competitive advantage in terms of tax structure and favorable regulatory framework comparable to any other global financial center. These include the exemption from several taxes such as the tax on securities transactions, the tax on commodity transactions, the tax on the distribution of dividends, the tax on capital gains, the GST. , etc. In addition, as an entity created at the IFSC, additional tax exemptions apply, namely progressive income tax holiday for ten years over fifteen years, one-off subsidy on IT investment expenditure, no stamp duty, etc.