JSW Infrastructure’s seven-year maturity bonds have been rated Ba2 by Moody’s Investor Services and BB+ by Fitch and are priced competitively at 4.95%, according to a press release from India’s INX arm. BSE International.
“We take immense pleasure in welcoming JSW Infrastructure Limited to India INX as they have trusted our own Indian IFSC and have chosen to list exclusively on India INX. They will benefit from the reduced withholding tax benefit of 4%. This firmly reinforces INDIA INX and GIFT IFSC as a credible and competitive international jurisdiction to raise capital from global investors,” said V Balasubramaniam, MD and CEO, INDIA INX, in the release.
GSM, India INX’s main market platform, has attracted considerable interest since its inception in 2018 and has over $58 billion in MTNs established and over $34 billion in bonds listed at today, he added.
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.
“This is a landmark achievement for JSWIL as the first issue and first SLB bond in the port industry and we are pleased to be part of India INX to list our first issue. This also brings the first listing on JSW Group’s India INX This provides an opportunity to reach out to international investors to similarly raise funds in other international markets in the future,” said Lalit Singhvi, Executive Director and Chief Financial Officer of JSW Infrastructure.