Mumbai, NFAPost: JSW Infrastructure Limited (JSWIL) listed its 7 year $400 million foreign currency sustainability linked bonds exclusively on Global Securities Market (GSM) of India International Exchange at GIFT IFSC.
JSW Infrastructure’s 7-year maturity bonds have been assigned Ba2 rating by Moody’s investor services and BB+ by Fitch and are priced competitively at 4.95%.
Commenting on the listing, India INX MD and CEO V Balasubramaniam said the exchange takes immense pleasure in welcoming JSW Infrastructure Limited on India INX as they have reposed trust in very own India’s own IFSC and chose to list exclusively on India INX to enjoy the lower withholding tax benefit of 4%.
“This firmly reinforces INDIA INX and GIFT IFSC as a credible and competitive international jurisdiction for raising capital from global investors. GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than $58 billion medium term notes established and over USD 34+ Bn of bond listings till date. We congratulate JSW Infrastructure on their success and look forward to a very healthy pipeline of Indian issuers in the current year,” said India INX MD and CEO V Balasubramaniam.
JSW Infrastructure Executive Director & CFO M Lalit Singhvi said this is a marquee achievement for JSWIL being a debut issuance and first SLB bond in the port industry and the company is happy to be a part of India INX to list its maiden issuance.
“This also brings in the first listing on India INX from JSW Group. This offers opportunity to reach out to international investors to raise funds in a similar manner 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,” said JSW Infrastructure Executive Director & CFO M Lalit Singhvi.
India INX introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, offering issuers an efficient and transparent method to raise capital. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. Issuer mix is a healthy one with Banks (SBI, EXIM Bank, HDFC Bank, Axis Bank), supranational (Asian Development Bank), State owned finance corporations (NTPC, PFC, REC) and several others (Adani Green, Adani Ports, Renew power).
About India INX
India INX, BSE’s international arm, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT IFSC. It is one of the world’s most advanced technology platforms with a response time of 4 microseconds and allows trading for 22 hours a day, in a range of financial market products such as index and single stock derivatives, commodity derivatives, currency derivatives and debt securities, to allow international investors to trade from anywhere across the globe.
The Exchange, provides a state of the art electronic platform to facilitate trading, clearing and settlement of the widest range of global benchmark products across all major asset classes, including securities, equity derivatives, precious metals, base metals, energy and bonds.
The average daily turnover at the exchange for the year ended Dec 2021 is $10.94 billion. a growth of more than 190% over the corresponding period ended Dec 2020 and 92% market share among the exchanges at IFSC. India INX all-time high turnover is $30.3 billion on March 10, 2021.
The Exchange also has tier-III equivalent data centre colocation facility for its Members. India INX introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, offering issuers an efficient and transparent method to raise capital.
The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. The Exchange provides competitive advantage in terms of tax structure and supportive regulatory framework that is comparable with any other global financial centre.
These include waiver of several taxes like securities transaction tax, commodities transaction tax, dividend distribution tax, capital gains tax, GST etc. Further, as an entity set up at IFSC, additional tax waivers are applicable viz. graded income tax holiday for ten years out of fifteen years, one-time subsidy on IT capex spend, no stamp duty etc.
