JSW Infrastructure exclusively lists its maiden USD 400 Million sustainability linked bonds on India INX

24 Jan 2022 , 10:32 AM

JSW Infrastructure Ltd. exclusively lists its maiden USD 400 Million sustainability linked bonds on India INX and enjoy benefit of lower withholding tax

In a first, JSW Infrastructure Limited (JSWIL), listed their 7 year USD 400 million foreign currency sustainability linked bonds exclusively on Global Securities Market (GSM) of India International Exchange at GIFT IFSC. JSW Infrastructure’s 7 year maturity bonds have been assigned Ba2 rating by Moody’s investor services and BB+ by Fitch and are priced competitively at 4.95%.

Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We take immense pleasure in welcoming JSW Infrastructure Limited on India INX as they have reposed trust in our very own India’s own IFSC and chose to list exclusively on India INX, they will enjoy the lower withholding tax benefit of 4%. This firmly reinforces INDIA INX and GIFT IFSC as a credible and competitive international jurisdiction for raising capital from global investors. GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than USD 58 Bn medium term notes established and over USD 34+ Bn of bond listings till date.  We congratulate JSW Infrastructure on their success and look forward to a very healthy pipeline of Indian issuers in the current year”.

Mr. Lalit Singhvi, Executive Director & CFO of JSW Infrastructure said “This is a marquee achievement for JSWIL being a debut issuance and first SLB bond in the port industry and we are happy to be a part of India INX to list our maiden issuance. This also brings in the first listing on India INX from JSW Group. This offers opportunity to reach out to international investors to raise funds in a similar manner in other international markets in the future and we look forward to a sustained and long term association with a valued partner like India INX.”

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. Issuer mix is a healthy one with Banks (SBI, EXIM Bank, HDFC Bank, Axis Bank), supranational (Asian Development Bank), State owned finance corporations (NTPC, PFC, REC) and several others (Adani Green, Adani Ports, Renew power).