India New Issue-IFC buys Grasim Industries' debut sustainability linked bonds

Reuters
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MUMBAI, March 19 (Reuters) - India's Grasim Industries said on Tuesday it has raised 12.50 billion rupees ($150.57 million) through the sale of its first-ever sustainability-linked bonds, subscribed by International Finance Corp.

The bonds carry a duration of 10 years and were directly placed with the IFC, the financial institution told Reuters in an email without disclosing the coupon amount.

Grasim Industries did not reply to a Reuters email seeking the details on the coupon.

"IFC's financing will contribute to Grasim’s sustainable growth into the paints business and will encourage other manufacturing companies to follow by successfully adopting energy efficient and water saving technologies and practices," Wendy Werner, India Country Head at IFC said.

The investment will accelerate Grasim's decarbonisation drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process, the company said in its statement. ($1 = 83.0175 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman )

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