ReNew refinances NCDs worth Rs 2,391 cr

New Delhi, Jan 12 (PTI) Clean energy company ReNew on Friday said it has refinanced Non-Convertible Debentures (NCDs) worth Rs 2,391 crore.

The said NCDs were issued by its subsidiaries in October 2020, ReNew said in a statement.

"ReNew Energy Global plc (ReNew) announces the refinancing of NCDs worth Rs 23,910 million (Rs 2,391 crore) that were issued by its subsidiaries in October 2020. These NCDs were issued to India Green Energy Holdings, (India Green Energy), a Mauritius based SPV, which had raised USD 325 million through senior secured bonds (USD Bonds) to subscribe to these NCDs," the company said in a statement.

The USD bonds, issued at a coupon rate of 5.375 per cent, were scheduled to mature in April 2024.

The refinancing was done using proceeds of a long-term amortising project loan, obtained from a leading Non-Banking Financial Company (NBFC), as per the statement.

India Green Energy has consequently redeemed the USD bonds three months ahead of maturity.

"Adapting a proactive and flexible financing strategy is crucial in today's business environment. We will continue to look at multiple pools of capital to further reduce our borrowing costs, extend maturities on existing debt and reduce refinancing risk without depleting the company's growth capital," ReNew Group CFO Kailash Vaswani said. PTI ABI TRB