BSE India INX Launches Dedicated Green Bonds Trading Platform

BSE-owned India International Exchange on June 12, 2019 said it has launched an exclusive platform for trading in green bonds.

The platform — GSM (Global Securities Market) Green — has gone live on Wednesday, India International Exchange (India INX) said in a statement.

“On Wednesday, BSE’s international arm, India International Exchange, unveiled its exclusive green listing and trading platform simultaneous with issuance and listing of $500 million green bonds of three subsidiaries of Adani Green Energy Limited,” it said.

Parampujya Solar Energy Pvt Ltd, Prayatna Developers Pvt Ltd and Adani Green Energy (UP) Ltd are the three subsidiaries of Adani Green Energy Ltd whose bonds were listed on the platform. The Bonds have been rated BB+ by S&P and Fitch. This is the first instance where S&P has evaluated the issuance structure on the Project Finance matrix in Indian Renewable Industry, said India INX.

“… with a dedicated green platform, issuers, investors and traders will find it more convenient to list and trade green, social and sustainable bonds,” India INX MD and CEO V Balasubramaniam said.

Adani Green Energy is one of the India’s largest private sector solar power developers and operators with an operational capacity of close to 2 Gw. It raised $500 million at a coupon of 6.25 percent in an overseas debt sale that was oversubscribed three times. About 77 percent and 19 percent were distributed to Fund Managers and Insurers & Pension, respectively, said a media statement issued by India INX.

This is the first issuance by a private non-banking company on GSM, the exchange’s debt listing platform, the statement said. India INX’s GSM is India’s first debt listing platform that allows raising funds in any currency of choice by both foreign and Indian issuers from investors across the globe.

The green bond taxonomy followed by India INX is as per ICMA’s Green Bond Principles and Climate Bonds Initiative which provides an ideal platform for global investors to invest, the statement said. India INX, a wholly-owned subsidiary of BSE, is India’s first International Exchange set up at Gujarat International Finance Tech-City (GIFT City).