JSW Infrastructure Exclusively Lists Its First $400 Million Sustainability Bonds on India INX
JSW Infrastructure Ltd. Lists First $400M Sustainability Bond Exclusively on India INX and Benefits from Reduced Withholding Tax
Initially, JSW Infrastructure Limited (JSWIL), listed its USD 400 million 7-year FX Sustainability Bond exclusively on the Global Securities Market (GSM) of the India International Exchange at GIFT IFSC. JSW Infrastructure’s 7-year maturity bonds have been rated Ba2 by Moody’s Investor Services and BB+ by Fitch and are competitively priced at 4.95%.
Commenting on the listing, MV Balasubramaniam, MD and CEO of INDIA INX said, “We are very happy to welcome JSW Infrastructure Limited to India INX as they trusted our own Indian IFSC and chose to list exclusively on India INX, they will enjoy the lower withholding tax benefit of 4%. This firmly cements INDIA INX and GIFT IFSC as a credible and competitive international jurisdiction to raise capital from global investors. GSM, India INX’s primary market platform, has attracted considerable interest since its inception in 2018 and has over $58 billion in MTNs established and over $34 billion in bond listings nowadays. We congratulate JSW Infrastructure on its success and look forward to a very healthy pipeline of Indian issuers for the current year”.
Mr. Lalit Singhvi, Executive Director and Chief Financial Officer of JSW Infrastructure, said, “This is a milestone achievement for JSWIL as the first SLB issuance and bond in the port industry and we are pleased to be part of it. from India INX to list our first issue. This also brings the first listing on India INX of JSW Group. This provides the opportunity to reach out to international investors to similarly raise funds 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 has introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, providing issuers with an efficient and transparent method to raise capital. The platform offers a debt rating framework on par with other global rating venues such as London, Luxembourg, Singapore, etc. The issuer mix is healthy with banks (SBI, EXIM Bank, HDFC Bank, Axis Bank), supranationals (Asian Development Bank), public finance companies (NTPC, PFC, REC) and several others (Adani Green, Adani Ports , Renew power).