ReNew Power Ventures has launched a sale of bonds to overseas investors to raise $450 million. This will be a uniquely structured deal, where dollar-denominated bonds will be issued by an offshore entity unrelated to the company that will in turn invest in masala bonds issued by ReNew Power of the same value.
The bonds are being issued by a Special Purpose Vehicle called Neerg Energy that will be held by a trust and its ownership is not linked to ReNew group, Fitch Ratings said in a note. The agency has assigned a B (Expected) rating to the proposed issue.
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